Dogecoin Price Analysis: DOGE fails to break past $0.23, despite bullish momentum over the previous day
- Dogecoin price analysis is bearish today.
- DOGE/USD saw another test of upside earlier today.
- Bearish momentum returned this morning.
Dogecoin‘s price is bearish today, as we expect further declines to follow over the next 24 hours after yet another increase was thwarted yesterday. As a result, DOGE/USD has established a double top, which may lead to additional selling later today.
Cryptocurrency heat map. Source: Coin360
According to Coin360 market data, the cryptocurrency market is trading with mixed results. Bitcoin has lost 0.37 percent, while Ethereum has gained 4.52 percent. However, the losses on the red bars are small or negligible, not weighing more than 2 percent.
Dogecoin price movement in the last 24 hours: Dogecoin spikes to $0.2274, rejects further upside overnight
The price of DOGE/USD was fluctuating within a range of $0.2125 to $0.2274 for the last 24 hours, showing significant volatility. Volume has increased by 148.8 percent, totalling $2.4 billion, while the overall market capitalization trades at around $28.44 billion, putting it in eighth place.
DOGE/USD 4-hour chart: DOGE looks to retrace previous gain
The Dogecoin price is under a lot of pressure on the four-hour chart, which is expected to lead to a significant retrace today.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin’s price has been range-bound for the past several days, after a bearish trend resumed over the previous week. DOGE/USD rose to $0.186, establishing a solid low point, after several days of consolidation above $0.215.
A minor rise took place, nevertheless, after the price fell further on the 28th of November. A higher low was established, pushing DOGE above its $0.215 previous support level and resistance.
The Dogecoin price dropped to a new low yesterday, with the second test of upside occurring overnight. The pattern continued its downward trend today, resulting in bearish momentum taking over this morning.
Dogecoin Price Analysis: Conclusion
The price of Dogecoin is in a bearish trend today, as additional upside was rejected yet again overnight, resulting in a drop to $0.215 this morning. Later today, we may expect DOGE/USD to fall even further, as bears look for another higher low to set.
While waiting for Dogecoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
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