Dogecoin price analysis: DOGE peaks at $0.061, further drop incoming?

Dogecoin price analysis is bearish today as we have seen retrace to the $0.061 resistance and signs of exhaustion over the past hours. Therefore, DOGE/USD is ready to drop even lower and look to break past the $0.058 support.

The market has traded in the green over the past 24 hours, with Bitcoin gaining 1.32 percent. Meanwhile, Ethereum gained 4.94 percent, and Dogecoin remained flat.

Dogecoin price movement in the last 24 hours: Dogecoin begins to reverse

DOGE/USD traded in a range of $0.05992 to $0.06145, indicating mild volatility over the last 24 hours. Trading volume has declined by 31.79 percent, totaling $2944 million, while the total market cap trades around $8 billion, ranking the coin in 11th place overall. 

DOGE/USD 4-hour chart: DOGE begins to move lower?

On the 4-hour chart, we can see selling pressure incoming, indicating that DOGE is ready to drop even further over the next 24 hours.

Dogecoin price action has traded sideways for the past week as consolidation was established below $0.064. Break higher was attempted early on Tuesday, indicating a potential rally incoming.

However, strong rejection lower followed, leading DOGE/USD to break down and spike past the previous low at $0.06. Selling continued even further until the $0.058 support, where a reaction higher followed.

Since then, the Dogecoin price has rallied as high as the $0.061 resistance, indicating that another lower high is set. Consolidation has followed since, likely leading to another major selloff over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today, as we have seen retrace towards previous support at $0.061 and consolidation since. Therefore, DOGE/USD is ready to move even lower and look to break past the $0.058 previous low.

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