Dogecoin price analysis: DOGE swiftly drops below $0.065, ready to retrace?

Dogecoin price analysis is bullish today as we have seen another quick spike lower below previous support. Therefore, DOGE/USD is ready to retrace and look to set another lower local high before more downside follows later in the week.

The market has seen more downside tests over the last 24 hours. The leader, Bitcoin, lost 2.17 percent, while Ethereum declined by over 4.76 percent. Meanwhile, Uniswap (UNI) managed to move against the overall market as it gained 6.8 percent.

Dogecoin price movement in the last 24 hours: Dogecoin sets strong lower low

DOGE/USD traded between $0.06353 to $0.0688, indicating substantial volatility over the last 24 hours. Trading volume has increased by 26.12 percent, totaling $444.4 million, while the total market cap trades around $8.56 billion, ranking the coin in 10th place overall.

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

On the 4-hour chart, we can see a quick spike lower being met with a reaction back to $0.065 previous support. If this level gets reclaimed, we expect the Dogecoin price to recover even higher.

Dogecoin price action has traded with strong bearish momentum over the past days. After the last spike higher last Wednesday, DOGE/USD set a new high at $0.077 before a massive reversal followed.

The initial drop retraced 13 percent, while the follow-up tests of the downside resulted in slightly lower lows set over the weekend. From there, DOGE retraced to $0.069, where another lower local high was slowly set yesterday.

After some further consolidation later in the day, a massive spike lower was seen overnight. The Dogecoin price quickly declined to $0.065 support, with consolidation seen early today.

Another spike lower followed over the past hours, with not much downside reached. Likely this means that DOGE/USD sellers are exhausted, and retrace is likely to follow over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen failure to break towards the next support after another push lower over the past hours. Therefore, we expect DOGE/USD to retrace over the next 24 hours and look to set another lower local high.

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