Dogecoin Price Analysis: DOGE Quickly Falls Below $0.065, Ready to Retrace?

Dogecoin price analysis is bullish today as we saw another quick spike below previous support. Therefore, DOGE/USD is ready to retrace and looks to establish another lower local high before further declines follow later in the week.

Cryptocurrency heat map. Source: Coin360

The market has seen more downtesting in the past 24 hours. The leader, Bitcoin, lost 2.17%, while Ethereum fell more than 4.76%. Meanwhile, Uniswap (UNI) managed to move against the overall market gaining 6.8%.

Dogecoin Price Movement in the Past 24 Hours: Dogecoin Sets Strong Low

DOGE/USD traded between $0.06353 and $0.0688 indicating significant volatility over the past 24 hours. The trading volume increased by 26.12%, totaling $444.4 million, while the total market capitalization is trading around $8.56 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 a rapid downward spike meet with a reaction back to the previous support at $0.065. If this level is recovered, we expect the price of Dogecoin to go even higher.

Dogecoin Price Analysis: DOGE Quickly Falls Below $0.065, Ready to Retrace?
DOGE/USD 4 hour chart. Source: Trading View

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

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

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

Another lower peak followed in the past few hours, with little downside reached. This likely means DOGE/USD sellers are exhausted and a pullback should follow over the next few days.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bullish today as we saw a failure to break through the next support after another downward push in the past few hours. Therefore, we expect DOGE/USD to retrace over the next 24 hours and look to establish another lower local high.

Until Dogecoin goes further, check out our Siacoin Wallet, Pi Wallet, and LTC Wallet Review articles.

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