Dogecoin price analysis: DOGE breaks $0.145, looks to retrace today?

TL;DR Breakdown

• Dogecoin price analysis is bearish today.
• Previous resistance at $0.145 was broken late yesterday.
• DOGE/USD is likely to begin retracement soon.

Dogecoin price analysis is bearish today as we have seen a strong higher high already set and some signs of a slowdown in the market. Therefore, DOGE/USD is likely to reverse soon and look to set another higher low over the weekend.

The market has seen strong bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 9.11 and 6.22 percent, respectively. Meanwhile, Dogecoin (DOGE) follows with over 6 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin rallies to $0.15

DOGE/USD traded in a range of $0.1381 – $0.1501, indicating strong volatility over the last 24 hours. Trading volume has increased by 59.27 percent, totaling $680.6 billion, while the total market cap trades around $19.725 billion, ranking the coin in 11th place overall.

DOGE/USD 4-hour chart: DOGE starts to slow down?

On the 4-hour chart, we can see signs of selling pressure returning for the Dogecoin price as the $0.15 mark has offered some resistance.

Dogecoin price action has spent the past weeks moving sideways around the $0.135-$0.145 price area. After both a slightly higher high and lower low set during the first days of February, DOGE/USD started to push higher again early yesterday.

By the end of the day, DOGE has broken past the $0.145 resistance and previous high. More upside followed overnight, taking the market to the $0.15 mark, meaning a clear higher high has already been set.

Therefore, we could see retracement for the Dogecoin price action begin soon. Likely, bears will look to set another higher low from which to make another push higher early next week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a strong higher high established over the last 24 hours. Therefore, bulls are likely exhausted, and the market is now ready to retrace and set another higher low.

While waiting for Dogecoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.