- Dogecoin price analysis is bearish today.
- DOGE/USD found resistance at $0.145 yesterday.
- Selling pressure returned overnight.
Dogecoin price analysis is bearish today as we expect further downside to be tested after reversal from the $0.145 mark yesterday. Likely DOGE/USD is headed lower again and will retest the previous low over the next 24 hours.
The market has returned to bearish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, are down by 3.65 and 7.82 percent. Meanwhile, Dogecoin (DOGE) follows, with a loss of almost 7 percent.
Dogecoin price movement in the last 24 hours: Dogecoin peaks at $0.145, begins to decline again
DOGE/USD traded in a range of $0.1322 – $0.1431, indicating substantial volatility over the last 24 hours. Trading volume has declined by 30.39 percent, totaling $1 billion. Meanwhile, the total market cap trades around $17.55 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE ready to retest previous low?
On the 4-hour chart, we can see the Dogecoin price action declining again, likely leading towards previous low later today.
Dogecoin price saw a strong decline last week. After several days of decline, DOGE/USD found a new major swing low at $0.12, from which a reaction higher was seen the same day.
From there, the market regained some of the loss yesterday, reaching towards $0.145, where a rejection for further upside was seen. After a second attempt to move higher, a slightly lower high was set close to the end of the day, inviting sellers into the market overnight.
Over the past hours, the Dogecoin price has declined, reaching the $0.13 mark. Likely we will see even further downside tested later today, with the $0.12 mark the one to watch.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we expect more downside to follow after the $0.145 mark offered strong resistance yesterday. Likely, DOGE/USD will move lower again and look to retest the $0.12 support next.
While waiting for Dogecoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.