Dogecoin’s price analysis is bearish today as we have seen consolidation into a quick rejection for further upside. Therefore, DOGE / USD is poised to drop even lower and aim for $ 0.06 early next week.
The market has been trading in the red for the past 24 hours. The leader, Bitcoin, lost 0.51%, while Ethereum lost 0.04%. Meanwhile, Dogecoin (DOGE) still holds about 0.03 percent profit.
Dogecoin price movement in the last 24 hours: Dogecoin continues consolidation, fails to rise
DOGE / USD has been trading in a range of $ 0.06183 to $ 0.06371, indicating slight volatility over the past 24 hours. The trading volume decreased by 17% to a total of $ 264.4 million. Total market capitalization is trading around $ 8.35 billion, ranking the coin in 10th place overall.
DOGE / USD 4-hour chart: DOGE’s next target is $ 1,500?
On the 4-hour chart, we can see the selling pressure driving the Dogecoin price back below $ 0.0625, indicating that the $ 0.06 support will be tested later.
Dogecoin’s price action created a consolidation after selling pressure eased in late August and local lows may be set only slightly lower. During the middle of the week, DOGE / USD respected the previous local low, indicating a reversal would follow.
From there, DOGE set another downside high before quickly hitting the $ 0.064 resistance, with an immediately visible bearish reaction. Another consolidation followed around $ 0.0625 as the market was undecided on where to go next.
This morning, Dogecoin’s price went up again. $ 0.064 was hit again, with no further rally since then. As a result, DOGE / USD will make another push down early next week, with $ 0.06 support likely aimed next week.
Dogecoin Price Analysis: Conclusion
Dogecoin’s price analysis is bearish today as we have seen failed attempts to rise to the upside as the selling pressure has quickly returned in the past few hours. Therefore, DOGE / USD should soon continue to fall further and move towards the next major support of $ 0.06.
While waiting for Dogecoin to move further, check out our articles on how to buy Litecoin, Filecoin and Polkadot.