DOGE rejects $0.73 resistance, retrace incoming overnight

Today’s Dogecoin price analysis is bearish as we see a strong resistance to further gains after slightly higher local highs. DOGE/USD is likely to move lower during the day, allowing the bears to retest previous resistance levels as support.

In the last 24 hours, the market has tested further upside movement. The best-performing Bitcoin was up 2.43 percent while Ethereum was up just 0.1 percent as it lagged. Meanwhile, Dogecoin (DOGE) is up 5 percent and is one of the best performers.

Dogecoin Price Action Last 24 Hours: Dogecoin continues to test higher

DOGE/USD has been trading in the $0.06819 to $0.07391 range and has shown significant volatility over the last 24 hours. Trading volume increased 1.49 percent to a total of $747.64 million, while the total market cap stood at around $9.6 billion, ranking the coin 10th overall.

DOGE/USD 4 hours chart: DOGE ready to retest the downside?

The 4 hours chart shows Dogecoin price action reversing after a sharp rejection earlier today.
Dogecoin price action has seen a strong bullish impetus over the past few days. After hitting fresh lows above $0.06 on Tuesday, DOGE/USD started to reverse course and edge higher mid-week.

In the end, DOGE reversed almost all of its previous gains to hit $0.072. From there, the quick reaction down set a strong local higher ground before more buying pressure resurfaced overnight into today.

This morning, Dogecoin price has surpassed the previous local high and is pushing towards $0.0745 where another resistance is seen. It is likely that this price structure will suggest another reversal to follow in the coming days, potentially causing DOGE/USD to retest $0.069.

However, if the support is not broken, we can expect DOGE to continue higher next week with a monthly high of $0.078 as the next upside target. Alternatively, if the previous local low of $0.068 breaks, we expect another sharp decline next week.

Dogecoin Price Analysis: Conclusion

Today’s analysis of the price of Dogecoin is bearish as earlier today we saw a failure to set a much higher high and a rapid rejection of the low. Therefore, we expect a retracement soon to follow which will bring DOGE/USD back to the $0.069 support.