Dogecoin price analysis is bearish today as we have seen a strong push higher and a new local higher high set at $0.065. Therefore, DOGE/USD should continue retracing later today and start the next week with a retest of the $0.0625 mark as support.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 1.38 percent, while Ethereum remained almost flat as it consolidated. The rest of the top altcoins mostly traded with a slight loss.
Dogecoin price movement in the last 24 hours: Dogecoin sets higher high
DOGE/USD traded in a range of $0.06336 to $0.06539, indicating mild volatility over the last 24 hours. Trading volume has declined by 7.4 percent, totaling $263.7 million, while the total market cap trades around $8.5 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to retrace further?
On the 4-hour chart, we can see a steady pivot below the $0.065 resistance, which should lead DOGE/USD even lower at the beginning of the next week.
Dogecoin price saw a strong reversal earlier this week after a several-day decline. After a brief test of the $0.058 mark on Wednesday, DOGE/USD set a higher local low before starting to retrace.
What followed was the first wave higher to the $0.064 mark. Brief retrace was seen overnight to Saturday, setting a clear local higher low around $0.062 as a setup for further upside to be reached over the weekend.
Overnight to today, Dogecoin price action rallied even higher, reaching the $0.065 mark. Therefore, another higher local high was set, indicating that the overall several-week momentum is turning even more bullish.
Likely, DOGE/USD will see another drop overnight as a result in order to prepare a base for the next leg up. Once bullish momentum resumed, we could see a push towards the $0.067 mark before the middle of next week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen another local wave higher to the $0.065 mark, where resistance was found. From there, DOGE/USD started to reverse, indicating that bulls are exhausted, and a retracement is due next.