Dogecoin price analysis: DOGE spikes to $0.143, swift retracement today?

TL;DR Breakdown

• Dogecoin price analysis is bearish for the rest of the day.
• DOGE/USD set a higher low around $0.13 on Friday.
• Strong buying pressure was seen yesterday.

Dogecoin price analysis is bearish today as we have seen another higher high set after a quick spike above $0.14 previous resistance. Therefore, DOGE/USD will likely retrace once more later today to establish another higher low.

The market has moved in the green over the last 24 hours. The leader, Bitcoin, gained just 0.35 percent, while Ethereum followed with 0.41 percent. Meanwhile, Dogecoin (DOGE) is among the top performers, with almost a 7 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin rallies back to $0.14 previous resistance

DOGE/USD traded in a range of $0.1319 – $0.1424, indicating substantial volatility over the last 24 hours. Trading volume has increased by 15.89 percent, totaling $944.2 million, while the total market cap trades around $18.66 billion, resulting in a market rank of 12th place.

DOGE/USD 4-hour chart: DOGE ready to retrace?

On the 4-hour chart, we can see the Dogecoin price action meeting resistance again, this time around $0.143, indicating that another retracement is needed next.

Dogecoin price action has seen more upside tested rather quickly this week. After ending last week at $0.118 support, DOGE/USD saw a massive rally of almost 20 percent to the $0.14 mark by the 24th of March.

From there, a strong reaction lower established a clear higher low around $0.13, enabling bulls to prepare for another push higher yesterday. Further upside followed as the $0.14 mark was broken with a quick spike higher.

However, not much further upside could be reached before sellers returned to the market. This morning, the Dogecoin price action saw clear rejection at $0.143, indicating that further higher lows need to be set first.

Overall. Considering how fast DOGE/USD moved higher this week, it is no surprise that bulls are finally exhausted, and a more substantial retracement or consolidation needs to be made. Therefore, the start of next week will likely see selling pressure return despite the overall market structure still being very bullish over the past weeks.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen another rejection for further upside just above $0.14 previous high. Therefore, DOGE/USD is not yet ready to continue higher, and another retracement that sets a higher local low is needed next week.

While waiting for Dogecoin to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy DOGE.