Dogecoin price analysis is bearish today as we have seen a strong lower local high set with a swift reaction lower immediately after. Therefore, the several-day advance has likely come to an end, and DOGE/USD is ready to retrace next week.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.63 percent, while Ethereum over 2 percent. Meanwhile, the rest of the market has traded with mixed but mostly bearish results.
Dogecoin price movement in the last 24 hours: Dogecoin fails to retrace immediately
DOGE/USD traded in a range of $0.114 to $0.1494, indicating strong volatility over the last 24 hours. Trading volume has spiked by 152 percent, totaling $13.72 billion, while the total market cap traded around $16 billion, ranking the coin in 8th place overall.
DOGE/USD 4-hour chart: DOGE prepares to break $0.118?
On the 4-hour chart, we can see strong selling pressure over the past hours, likely leading to a more substantial decline early next week.
Dogecoin price action has traded in a strong rally since the start of the week. After a clear break above $0.061 previous consolidation area resistance, DOGE/USD rapidly moved as high as the $0.084 mark, where a strong swing high was set.
After a quick retrace to $0.072, DOGE set a higher low at $0.072, with a reversal back to the upside shortly after. On Friday, a slightly higher high was reached, leading into another consolidation above the previous high.
Reversal did not follow again, resulting in a massive spike yesterday. Dogecoin rallied as high as $0.15 resistance, where a massive reaction lower followed. Another consolidation has followed since, likely finally leading to a lot more serious retrace.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a failure to continue higher and a swift reaction lower this morning. Therefore, DOGE/USD should drop even further over the start of the next week, likely to set another major swing higher low.