Dogecoin price analysis: DOGE continues consolidation above $0.58, break lower incoming?

Dogecoin price analysis is bearish today as we have seen further consolidation with increasingly lower local highs. Therefore, retracement should soon end, and DOGE/USD continue along with the overall several week bearish trend later this week.

The market has seen bullish momentum over the last 24 hours. The leader, Bitcoin, gained 3.32 percent, while Ethereum over 2.37 percent. Meanwhile, the rest of the top altcoins have followed close by.

Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher

DOGE/USD traded in a range of $0.05811 to $0.05962, indicating mild volatility over the last 24 hours. Trading volume has declined by 13.17 percent, totaling $248.7 million, while the total market cap trades around $7.83 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 failure to reach further upside today, indicating that Dogecoin price will soon break back below $0.058.

Dogecoin price action has set another major lower swing low on Monday after a drop of over 10 percent from $0.0625 resistance. New support was eventually found at $0.056, which is the lowest point tested in several months.

From the support, DOGE/USD started to retrace over the second half of Monday, eventually leading towards the $0.06 resistance. Further upside was quickly rejected, leading DOGE to start consolidating.

Consolidation area support was found at $0.058 yesterday and has since been retested several times. Meanwhile, Dogecoin price action continues to set further lower local highs, indicating that break lower will soon follow, likely leading back to the $0.056 low by the end of the week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a strong retrace and consolidation below $0.06 over the past days. DOGE/USD has set a clear lower high and should soon be ready to continue setting further lower lows later this week.

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