Dogecoin price analysis is bullish today as we have seen failure to continue lower as retrace stopped around the $0.07 mark. Therefore, DOGE/USD looks to retest the upside and will likely set another lower high.
The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, gained 0.14 percent, while Ethereum by 1.86 percent. Meanwhile, Dogecoin (DOGE) followed closely with just over a 0.07 percent gain.
Dogecoin price movement in the last 24 hours: Dogecoin fails to retrace
DOGE/USD traded in a range of $0.07003 to $0.07201, indicating mild volatility over the last 24 hours. Trading volume has declined by 42.28 percent, totaling $323 million, while the total market cap trades around $9.54 billion, ranking the coin in 11th place overall.
DOGE/USD 4-hour chart: DOGE looks to retest $0.073 resistance?
On the 4-hour chart, we can see the Dogecoin price action swiftly moving higher after reaction at the $0.07 mark was seen for the second time over the last 24 hours, indicating that another lower local high needs to be set next.
Dogecoin price action has attempted to set a new swing high this week. After the initial spike higher above $0.073 on Tuesday, DOGE/USD immediately reacted lower, quickly moving back towards previous support at $0.068.
From there, another attempt to move higher followed during the middle of the week, quickly leading to another quick push higher. Another rejection for the upside was set clearly as DOGE failed to stay above $0.073 and formed a massive reversal pattern.
Since then, the Dogecoin price has slowly retraced as another test of the downside is slowly prepared. However, selling pressure is currently not strong enough, meaning another lower local high needs to be set first before more downside can be tested over the weekend.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen a slow retrace over the past 24 hours, resulting in support found at the $0.07 mark. Therefore, DOGE/USD will likely look to set another lower local high before further retrace follows over the weekend, with the next target being the $0.068 support.