Dogecoin Price Analysis: DOGE Continues Consolidation, Will $0.069 Support Break?
Dogecoin price analysis is bearish today as we saw further downside tests and upside rejections below the $0.07 mark. Therefore, DOGE/USD is poised to continue even lower and break the multi-day ascending support trendline.
The market has been trading in the red for the past 24 hours. The leader, Bitcoin, lost 0.81%, while Ethereum lost more than 1.4%. Meanwhile, the rest of the top altcoins traded with low volatility and mixed results.
Dogecoin Price Movement in the Past 24 Hours: Dogecoin Retracing Further
DOGE/USD traded in a range of $0.06894 to $0.07049, indicating slight volatility over the past 24 hours. The trading volume decreased by 35.84%, totaling $284.47 million, while the total market capitalization is trading around $9.23 billion, which ranks 10th in the market.
DOGE/USD 4-Hour Chart: DOGE Seems to Crash?
On the 4-hour chart, we can see further rejection of the rally, indicating that DOGE/USD may see further downside testing later in the weekend.
Dogecoin price action rose further during the week with two more clear waves higher. After the last upper local low was established mid-week, the current swing high was quickly reached at the next major resistance at $0.073 yesterday.
Since then, DOGE/USD has moved back to the $0.069 support as well as the previously formed ascending support trendline. Consolidation has followed over the past 24 hours indicating that another higher low could potentially be established.
However, for now, there are no signs of recovery. The probable price of Dogecoin will look to break even lower and come back even higher. Alternatively, if the bullish momentum reappears and the $0.07 resistance is broken, we expect another rally to follow early next week.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we saw further consolidation along the multi-day ascending support trendline. It is likely that this support will break soon as no further upside could be reached in the last 24 hours, and a further push up will follow by the end of the weekend.
Until Dogecoin goes further, check out our Siacoin Wallet, Pi Wallet, and LTC Wallet Review articles.