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Dogecoin price analysis: DOGE retests $0.06, further decline overnight?

Dogecoin price analysis is bearish today after retesting the previous support and returning to resistance at $0.06. However, DOGE/USD has already slowed its rise, indicating another low local high will be set soon.

Heat map of cryptocurrencies. Source: Coin360

The market has been trading in the red for the last 24 hours. Bitcoin fell 1.9% while Ethereum fell 5.7%. Meanwhile, Ripple (XRP) was the top performer of the day, rising 11.8%.

Dogecoin price volatility over the last 24 hours: Dogecoin failed to break above $0.056

DOGE/USD is trading between $0.05638 and $0.06048, indicating significant volatility over the past 24 hours. Trading volume increased by 64.2% to a total of $407.43 million, with a total market capitalization of about $7.86 billion, placing the coin ranked 10th overall.

DOGE/USD 4-Hour Chart: Is DOGE Preparing To Continue Down?

On the 4-hour chart, we can see that buying pressure has decreased over the past few hours. This indicates that another low local high will soon set and DOGE will pivot lower from there.

Dogecoin Price Analysis: DOGE Retests $0.06, Drops More Overnight?
DOGE/USD 4-hour chart.Source: Trading View

Dogecoin’s price has hit a significant low in the past few days after plummeting 10% earlier in the week. DOGE/USD has found support at $0.056. This shows that the overall market sentiment is still very bearish.

From there, DOGE quickly pulled back to $0.06, setting another clear low and further confirming the bearish sentiment. Consolidation continued in the second half of the week as the market was indecisive until another rejection of the upside late yesterday.

Overnight, Dogecoin’s price surged to the $0.056 support, but saw a higher reaction as sellers weren’t strong enough yet. As a result, DOGE/USD retrace once more and now looks set to set another low local high before another downward attempt follows in the next few days.

Dogecoin Price Analysis: Conclusion

Dogecoin’s price analysis today is bearish as it has seen a rebound from the $0.056 support and a reaction to the $0.06 resistance. Therefore, we expect to see even lower overnight highs, paving the way for further declines for DOGE/USD over the rest of the week.

While you wait for Dogecoin to make more moves, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com accepts no liability for investments made based on information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decision.

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