Dogecoin Price Analysis: DOGE continues slowly around $0.0625, retraces overnight arrival?
Dogecoin price analysis is bullish today as we saw sideways momentum above the $0.0625 support over the past day. Therefore, DOGE/USD is looking to retrace early next week and is looking to establish another lower high.
The market traded with slight bullish momentum as consolidations continue across the board. The leader, Bitcoin, only gained 0.1%, while Ethereum gained 0.93%. The rest of the market closely followed the two majors.
Dogecoin Price Movement in the Past 24 Hours: Dogecoin Forms Consolidation
DOGE/USD traded in a range of $0.06277 to $0.06425, indicating low volatility over the past 24 hours. The trading volume decreased by 39.73%, totaling $278.4 million, while the total market capitalization is trading around $8.48 billion, ranking the coin in 10th place overall.
DOGE/USD 4-Hour Chart: DOGE looking to retrace?
On the 4-hour chart, we can see consolidation continuing today as sellers are exhausted and DOGE/USD looks to retrace some of the previous loss.
Dogecoin price action has traded in a consolidation around $0.068 over the past week. A new attempt to break lower initially failed, leading to pushing higher.
However, DOGE/USD was unable to rise as the resistance at $0.072 before a downward reversal followed. From there, the selling pressure continued, leading to support at $0.0625 on Friday.
Consolidation followed once again, indicating that sellers are once again exhausted. Therefore, we expect DOGE/USD to turn higher early next week and look to set another lower local high.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen consolidation in the past 24 hours after a steep decline at the $0.0625 support. It is likely that DOGE/USD will look to reverse and then retrace, with the target of another local high below $0.068 resistance.
Until Dogecoin goes further, check out our articles on how to buy Litecoin, Filecoin, and Polkadot.