Dogecoin price analysis: DOGE retests upside at $0.069, looks to drop again?

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Dogecoin price analysis is bearish today as we have seen second test of the $0.069 mark result in another rejection for upside. Therefore, we expect DOGE/USD to start declining overnight and look to break past the $0.065 support.

Dogecoin price analysis: DOGE retests upside at $0.069, looks to drop again? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 4.32 percent, while Ethereum by 7 percent. Meanwhile, the rest of the top altcoins have gained even more with quick spikes higher.

Dogecoin price movement in the last 24 hours: Dogecoin fails to break past $0.07

DOGE/USD traded in a range of $0.06578 to $0.06867, indicating strong volatility over the last 24 hours. Trading volume has increased by 36.78 percent, totaling $$365 million, while the total market cap trades around $9.1 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE ready to continue lower?

On the 4-hour chart, we can see the Dogecoin price action showing a clear inability to move any higher as the $0.07 resistance could not be reached twice over the last 24 hours. Therefore, we expect DOGE/USD to continue lower over the next days and set further local lows below $0.065.

Dogecoin price analysis: DOGE retests upside at $0.069, looks to drop again? 2
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with bullish momentum over the past days as recovery from the $0.063 low slowly started early this week. After a new local lower high was reached at around $0.068, DOGE/USD started to push back lower.

However, not much further downside could be reached as support was found at $0.065. From there, another strong push higher followed overnight, reaching a higher local high at $0.69.

Earlier today, the Dogecoin price rebounded lower before making another test of upside. Again the $0.69 mark served as resistance, indicating that more downside should follow over the next days.

Therefore, we expect DOGE to begin declining and look to return past the $0.065 support. Once that is done, we expect further low to be reached later in the week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a reversal at the $0.69 mark twice after quick spikes higher. Likely, DOGE/USD lacks the momentum to push even higher, indicating that another substantial drop lower should follow over the next days. Once the selling pressure picks up again, we should see the $0.065 mark broken.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.