- Dogecoin price analysis is bearish.
- DOGE/USD still rejects further upside.
- DOGE is set to retrace over the next 24 hours.
Dogecoin price analysis is bearish today as further upside still could not be reached after consolidation over the last 24 hours. Therefore, we expect DOGE/USD to retrace over the next 24 hours to reclaim so of the gains seen earlier this week.
The cryptocurrency market traded mostly in the green over the last 24 hours. Bitcoin experienced a small gain of 0.17 percent, while Ethereum gained 1.01 percent. Meanwhile, Axie Infinity (AXS) is the worst performer today, with a loss of almost 6 percent.
Dogecoin price movement in the last 24 hours: Dogecoin rejects further upside at $0.225 for the third time
DOGE/USD traded in a range of $0.2159 – $0.225, indicating mild volatility over the last 24 hours. Trading volume has declined by 14.94 percent and totals $1.07 billion, while the total market cap trades around $29.17 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE set to retrace next week?
On the 4-hour chart, we can see the Dogecoin price struggling to reach further upside, with another rejection for further upside over the past hours.
Dogecoin price action has seen steady bearish momentum over the past weeks. After a strong drop lower on the 7th of September, DOGE/USD consolidated above $0.23 for more than a week.
On the 20th of September, another sharp push lower took Dogecoin to $0.20, with the following reaction higher retesting the $0.23 as resistance. From there, Dogecoin price consolidated in an increasingly tighter range until bullish momentum returned on Friday.
On the 1st of October, DOGE/USD rallied above $0.22, and ultimately found rejection for further upside at $0.225. However, since then, any further upside can not be reached, indicating that we should see a several-day retracement early next week.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as a reversal consolidation continues to be formed around $0.22. Therefore, we expect DOGE/USD to reverse early next week, and potentially look to retest the previous support area around $0.195.
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