- Dogecoin price analysis is bearish today.
- DOGE/USD rejected further upside yesterday.
- The market is currently indecisive.
Dogecoin price analysis is bearish today as we have seen a strong advance met with rejection at the $0.15 resistance yesterday. Likely, DOGE/USD has retraced enough and now will look to continue declining along with the overall monthly trend.
Dogecoin price movement in the last 24 hours: Dogecoin forms consolidation below $0.15
DOGE/USD traded in a range of $0.1446 – $0.1493, indicating low volatility over the last 24 hours. Trading volume has declined by 48.97 percent, totaling $968.6 billion, while the total market cap trades around $19.36 billion, ranking the coin in 11th place overall.
DOGE/USD 4-hour chart: DOGE ready to reverse?
On the 4-hour chart, we can see the Dogecoin price action starting to pivot as buyers are exhausted again.
Dogecoin price action has seen strong volatility so far in April. After a strong rally to the $0.18 mark at the beginning of April, a rapid retracement to $0.14 followed by the 7th of April.
From there, DOGE/USD consolidated and attempted to move higher twice, with the $0.1575 mark reached on the 10th of April. Another spike lower followed at the beginning of this week, leading to a clear lower low set around $0.135.
Since then, the Dogecoin price action has slowly retraced most of the previous day’s loss. Yesterday, the $0.15 mark was tested, and rejection from it was seen, indicating a potential end of the retracement.
Therefore, we expect DOGE/USD bulls to be exhausted again. Likely more downside will be tested soon, with the $0.13 mark being the next major support.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as the market has seen rejection at $0.15 after a substantial retracement from the previous drop earlier this week. Therefore, we expect more downside to be tested soon, likely to reach further lows next week.