Dogecoin Price Analysis: DOGE forms consolidation as high set at $0.14, break higher to follow?

TL;DR Breakdown

• Dogecoin price analysis is bearish today.
• DOGE/USD saw a lower high set at $0.14.
• Volatility continued to decline.

Dogecoin price analysis is bearish today as we have seen another lower high set at $0.14 overnight. Therefore, DOGE/USD has formed consolidation and likely will test downside again over the next 24 hours.

The market has returned to bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 8.6 and 8.56 percent, respectively. Meanwhile, Dogecoin (DOGE) follows with around a 6 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin peaks at $0.14 after a higher low set at $0.125

DOGE/USD traded in a range of $0.1272 – $0.1401, indicating substantial volatility over the last 24 hours. Trading volume has increased by 31.55 percent, totaling $1.36 billion. Meanwhile, the total market cap trades around $18 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to break higher? 

On the 4-hour chart, we can see consolidation formed for the Dogecoin price as both a higher low and a lower high have been set over the last 24 hours.

Dogecoin price action has slowed down its decline over the past days. After a substantial drop last week, support was finally found at $0.12. From there, DOGE/USD reacted higher to $0.145.

Since then, both a higher low and lower high have been set, indicating consolidation in an increasingly tighter range. Likely, DOGE/USD will continue to form a base over the next 24 hours.

However, once a breakout occurs, we expect the Dogecoin price to begin regaining previous low. Likely by the end of the week, we can expect the $0.16 next resistance level to be tested.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect another test of downside to follow after the market peaked at $0.14 overnight. Likely, DOGE/USD will look to set another higher low and move higher from there.

While waiting for Dogecoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.