DOGE swiftly retraces to $0.07, more upside tomorrow?

Today’s Dogecoin price analysis is bearish as we see a strong downside reaction after the $0.0725 resistance was reached. Hence, we expect DOGE/USD to continue lower overnight and set another higher local bottom.

The market has been trading in the green for the last 24 hours. The best-performing Bitcoin was up 3.04 percent, while Ethereum was up 3.77 percent. Meanwhile, other top altcoins have been trading with similar results.

Dogecoin price action in the last 24 hours: Dogecoin sets strong local highs

DOGE/USD has been trading between $0.06875 and $0.07206 and has shown significant volatility over the last 24 hours. Trading volume increased 87.34 percent to a total of $379.4 million, while the total market cap traded around $9.275 billion, ranking the coin 11th overall.

DOGE/USD 4-hour chart: DOGE is retreating fast

The 4-hour chart shows a rapid decline over the last few hours, suggesting that the bears are quickly looking to set new higher lows.

Dogecoin price action is trading with a strong bullish momentum at the $0.066 support after several days of consolidation. The initial move higher started Friday morning with a clear break above the $0.068 resistance.

From there, DOGE/USD quickly hit $0.071 with an immediate downside reaction and a retracement to retest $0.068 as support. Yesterday morning the buying pressure increased again and brought DOGE to another strong push.

This time the price action of Dogecoin jumped to $0.0725 making another higher high. However, the bulls are still not ready to break the next significant resistance at $0.073, meaning another higher low will need to be found first.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bearish today as we anticipate a further recovery after a strong rejection of the $0.0725 resistance. Hence, we expect DOGE/USD to continue to fall and target another higher low around $0.069.