Dogecoin price analysis is bearish today as we have seen a strong drop lead to a quick reaction higher overnight. Since further upside has been rejected, we expect DOGE/USD to move back lower later today.
Cryptocurrency heat map. Source: Coin360
The market has seen more downside tests over the last 24 hours. The leader, Bitcoin, lost 0.83 percent, while Ethereum 1.06 percent. The rest of the top altcoins followed with even worse results.
Dogecoin price movement in the last 24 hours: Dogecoin recovers above $0.13, prepares for another drop
DOGE/USD traded in a range of $0.1262 to $0.1348, indicating substantial volatility over the last 24 hours. Trading volume has increased by 26.91 percent, totaling $1.18 billion, while the total market cap trades around $17.49 billion, ranking the coin in 12th place overall.
DOGE/USD 4-hour chart: DOGE on its way lower again?
On the 4-hour chart, we can see Dogecoin price action rejecting further upside this morning, indicating that further downside should soon be reached.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin price action has seen a steady decline over the past days after a strong drop from the $0.17 previous swing high. Consolidation followed during the middle of the week at around $0.14, with sellers slowly taking over control again.
By the end of yesterday, the previous major low at $0.125 was reached, and a reaction higher immediately followed. Overnight, DOGE/USD retraced as far as 0.136 before rejection for upside was seen.
Since then, Dogecoin price has consolidated above $0.13. Therefore, if further upside is not seen later today, we expect another drop lower early next week, likely to the $0.118 next support.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen reaction higher and rejection for further upside this morning. Therefore, DOGE/USD is likely ready to continue and set further lows early next week.
While waiting for Dogecoin to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.