dogecoin Today’s price analysis is bearish. This is due to strong consolidation and rapid gains over the past few hours. Therefore, we expect DOGE/USD to fall further and break the $0.0555 support for the rest of the week.
The market has been trading green for the last 24 hours. Bitcoin, the leader, rose 1.66%. ethereum Scored 2.62. Meanwhile, the rest of the market follows closely without any clear outliers.
Dogecoin price action over the last 24 hours: Dogecoin is flat
DOGE/USD is trading between $0.05862 and $0.05996, indicating moderate volatility over the past 24 hours. Trading volume increased by 23.75% to a total of $186.83 million, with a market capitalization of around $7.92 billion and the coin ranked 10th overall.
DOGE/USD 4-Hour Chart: Is DOGE Preparing To Fall Further?
Looking at the 4 hour chart, dogecoin price It is about to set further lows and may drop further for the rest of the week.
Dogecoin’s price action has been trading under strong selling pressure over the past week, setting a new swing low at the $0.0555 support. From there, the reaction to the previous local high increased to $0.061.
Since then, there has been no strong fall as support at $0.058 prevent further negativityAs a result, consolidation continued and there was a slight uptick in reaction this morning.
Dogecoin price is about to hit another high soon and break the $0.058 support. Once that is done, we expect DOGE/USD to surge further and move towards the $0.0555 support.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis We are bearish today after seeing a strong consolidation and a slight reaction over the last 24 hours. Therefore, DOGE/USD is poised to drop further and try to break the $0.058 support.