- DOGE moved away from $0.29 resistance overnight.
- Dogecoin reached $0.31 overnight.
- DOGE/USD set to retrace today.
Dogecoin price analysis indicates bearish momentum to follow later today as a new high was set around $0.31 and rejection for further upside was seen over the past hours. Therefore, we expect DOGE/USD to retrace today and retest the $0.26 area next.
The Dogecoin price traded in the red over the last 24 hours. Market leaders Bitcoin and Ethereum are down by 1 and 2.3 percent, respectively. Meanwhile, Dogecoin is among the best performers with a gain of 5.55 percent.
Dogecoin price movement in the last 24 hours: Dogecoin spikes above $0.31
DOGE/USD traded in a range of $0.2785 – $0.3123, indicating strong volatility over the last 24 hours. Trading volume has increased by 17.34 percent and totals $5.12 billion. Meanwhile, the total market capitalization trades around $39.2 billion, resulting in a market rank of 7th place.
DOGE/USD 4-hour chart: DOGE set to retrace today?
On the 4-hour chart, we can see the Dogecoin price action starting to retrace again as further upside got rejected overnight.
Dogecoin price action traded with a strong bullish momentum over the past weeks after a swing low was set around the $0.20 mark at the beginning of August. DOGE/USD has rallied by more than 55 percent, although lost some of its bullish momentum this week.
As we can see, the market has set a slightly higher high twice over the past week, indicating that bulls are becoming increasingly more exhausted. However, since no lower low or high was seen, we can assume that DOGE/USD still trades with a bullish structure.
The overnight rejection for further upside should lead towards another retracement over the next 24 hours, with the $0.26 mark as the first obvious support level. Once a higher low is set, we assume that the Dogecoin price will start to rally higher again and look to set further highs.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish for the next 24 hours as another higher high was set around $0.31 overnight and market reversed from there. Therefore, we expect DOGE/USD to retrace later today and look to set another higher low around $0.26.
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