Dogecoin price analysis: DOGE sets another lower high at $0.069, drop overnight?

Dogecoin price analysis is bearish today as we have seen another lower high set at the $0.069 mark with low momentum. Likely this will lead DOGE/USD to pivot lower overnight, leading to a negative start of next week.

Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.45 percent, while Ethereum gained 6.93 percent and was one of the top performers for the day. Dogecoin (DOGE) followed with only a slight gain of 2.91 percent.

Dogecoin price movement in the last 24 hours: Dogecoin retests previous local high

DOGE/USD traded between $0.06628 to $0.06885, indicating low volatility over the last 24 hours. Trading volume has declined by 17.38 percent, totaling $366.6 million, while the total market cap trades around $9 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to pivot again

On the 4-hour chart, we can see resistance found at $0.69, indicating that another lower local high is set and bears are ready to take over early next week.

DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum at the beginning of the week as the previous swing high at $0.073 was broken with strong momentum. A new swing high was reached $0.077 soon after before a massive retrace followed on Wednesday.

From there, DOGE/USD quickly rebounded and set a clear lower local high at $0.071, indicating that further retracement can be expected later in the week. More downside did indeed follow later as DOGE retraced even further yesterday at the $0.066 mark.

Steady retrace higher followed from there once again, leading to the $0.069 resistance. Since the mark was reached, the Dogecoin price has traded sideways for most of today, indicating that a reversal is soon about to follow. 

Once bearish momentum resumed, we expect the next support at $0.065 to be reached soon. Further, DOGE/USD is likely to set another lower local high and push lower later next week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a steady retrace over the past days and another lower local high set. Therefore, bears are ready to push the market lower overnight, which should lead to the next support at $0.065 early next week.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.