Dogecoin price analysis: DOGE spikes to $0.065, steady retrace incoming?

Dogecoin price analysis is bearish today as we have seen a steady advance and a strong spike past the previous high at $0.063 towards the next major resistance at $0.065. Therefore, DOGE/USD buyers are likely exhausted, and retracement will follow overnight.

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.11 percent, while Ethereum gained 2.31 percent. Meanwhile, the rest of the market has followed with similar results.

Dogecoin price movement in the last 24 hours: Dogecoin continued to retrace

DOGE/USD traded in a range of $0.05996 to $0.06466, indicating strong volatility over the last 24 hours. Trading volume has spiked by 108.97 percent, totaling $441.9 million, while the total market cap traded around $8.58 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE tests $0.065 resistance

On the 4-hour chart, we can see strong bullish momentum testing the $0.065 resistance after a strong spike higher earlier, indicating that retrace is about to follow next.

Dogecoin price action has seen failure to move lower over the past days after a strong retrace was seen at the end of September. Support was initially found at $0.059, with a reaction higher failing to break any higher over the end of the last week.

From there, the previous low at $0.059 was retested on Sunday, with a slightly higher low indicating that another move higher will soon follow. As a result, DOGE started to steadily trade higher, returning above the $0.06 price mark.

Further upside continued early today until the $0.061 mark was branched. Dogecoin price action quickly gained buying pressure after breaking higher, leading towards the $0.065 resistance, where bullish momentum stopped again.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a steady move higher turn into a strong spike higher towards the $0.065 resistance. Likely, buyers will soon be exhausted, and DOGE/USD will look to reverse over the next 24 hours to set a higher low later in the week.

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