Dogecoin price analysis: DOGE looks to set a lower high, swift break below $0.069 next?

Dogecoin price analysis is bearish today as upside was clearly rejected yesterday, and a lower local high is currently being set. Therefore, we expect DOGE/USD to break past $0.069 support and begin another wave lower early next week.

Dogecoin price analysis: DOGE looks to set a lower high, swift break below $0.069 next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.33 percent, while Ethereum declined by over 0.06 percent. Meanwhile, Dogecoin (DOGE) saw a slight decline of just over 1 percent.

Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher

DOGE/USD traded in a range of $0.06895 to $0.07203, indicating moderate volatility over the last 24 hours. Trading volume has declined by 29.81 percent, totaling $524.85 million, while the total market cap trades around $9.43 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE ready to decline?

The 4-hour chart shows the Dogecoin price action trading with weak momentum since yesterday, likely leading to another retrace early next week.

Dogecoin price analysis: DOGE looks to set a lower high, swift break below $0.069 next?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum over most of this week. From the last swing low at $0.06, DOGE/USD quickly gained over 20 percent as it tested $0.072 resistance.

From there, a quick retrace to $0.068 followed on Friday, indicating that retrace could follow over the weekend. However, not much further downside was seen as a higher local low was set, and further push higher followed.

This time, DOGE spiked above $0.073, with an immediate reaction lower following immediately. Since then, Dogecoin price has failed to continue higher as a lower local high will soon be set, and a reversal will follow over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we saw rejection above $0.073 yesterday as failure to continue today. This means that bulls are likely now exhausted, and DOGE/USD is ready to drop below $0.069 early next week, likely leading back towards the $0.065 mark next.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.