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Dogecoin Price Analysis: DOGE returns below $0.28, not yet ready for further upside

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  • Dogecoin price analysis is bearish today.
  • $0.29 mark prevented further upside.
  • DOGE/USD is likely to retrace again. 

Dogecoin price analysis is bearish today as we saw further upside rejected at $0.29 this morning after a consolidation around $0.28 earlier. Likely, DOGE/USD needs to retrace again and set another higher low before further upside can be tested.

Dogecoin Price Analysis: DOGE returns below $0.28, not yet ready for further upside 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bullish momentum continue over the last 24 hours. Bitcoin gained 3.3 percent, while Ethereum 1.67 percent. Meanwhile, Litecoin (LTC) was the top performer, with a gain of around 20 percent.

Dogecoin price movement in the last 24 hours: Dogecoin consolidates around $0.28 after failing to reach $0.30

DOGE/USD traded in a range of $0.2758 – $0.2897, indicating substantial volatility over the last 24 hours. Trading volume has declined by 10.65 percent and totals $2.84 billion, while the total market cap trades around $37 billion, ranking the coin in 9th place overall.

DOGE/USD 4-hour chart: DOGE rejects upside again, prepares to retrace?

On the 4-hour chart, we can see the Dogecoin price action returning to $0.28 after a failure to move higher this morning.  

Dogecoin Price Analysis: DOGE returns below $0.28, not yet ready for further upside
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action saw strong volatility by the end of October. After a massive spike lower to $0.22 on the 27th of October, a sharp reversal followed.

A day later, on the 28th of October, DOGE/USD saw a rapid move higher to $0.34, meaning a gain of over 40 percent in a couple of hours. However, Dogecoin could not sustain these price levels for long, leading to a steady retracement over the end of October.

Late last week, the $0.25 mark was retested as support, after the first time led to a reaction higher at the beginning of November. What followed was a push higher, leading to a higher high set below $0.30 early yesterday. 

Selling pressure quickly returned from there, indicating that the Dogecoin price is not yet ready to move towards the previous major swing high. Another retracement that sets a higher low is needed before we can see further upside tested.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect another retracement to follow after the upside was rejected this morning. DOGE/USD is not yet ready to reach more upside, likely leading to another higher low set later this week.

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