Dogecoin price analysis: DOGE quickly retraces to $0.06, ready to decline further?

Dogecoin price analysis is bearish today as we have seen reaction from the $0.06 resistance after a strong retrace. Therefore, DOGE/USD has set another lower high and is now ready to continue even lower.

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 0.6 percent, while Ethereum gained 0.99 percent. The rest of the market traded somewhere in between the two majors.

Dogecoin price movement in the last 24 hours: Dogecoin retraces to set lower high

DOGE/USD traded in a range of $0.05735 to $0.06026, indicating substantial volatility over the last 24 hours. Trading volume has declined by 20.62 percent, totaling $286.43 million, while the total market cap trades around $7.8 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE moving for another drop?

On the 4-hour chart, we can see selling pressure regaining control over the market after a quick retest of $0.06, likely leading towards more downside overnight.

Dogecoin price action has traded with strong selling pressure over the past weeks. After the last lower high was set at $0.0625, DOGE/USD quickly started to decline, losing over 10 percent to the $0.056 support.

From there, reaction higher followed as sellers were exhausted. Over 8 percent were retraced to the $0.06 resistance, where swift rejection for further upside was seen. Since then, DOGE has started to move lower again, indicating that a new lower high is set.

As a result of Dogecoin price action development over the last 24 hours, we expect another bearish wave to be seen over the next few days. The $$0.056 support will likely be broken and new lower lows set by the end of the week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen quick reaction higher and lower high set at $0.06. From there, DOGE/USD has already started to decline, indicating that further downside will follow later this week.

While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.