TL;DR Failure

  • Dog coin price analysis is bearish today.
  • The previous resistance level of $0.145 was broken late yesterday.
  • DOGE/USD may start retracing soon.

Dogecoin price analysis is bearish today as we have seen a strong higher high as well as some signs of a market slowdown. As a result, DOGE/USD could reverse soon and is expected to hit another higher low over the weekend.

Cryptocurrency heat map. Source: Coin360

Over the past 24 hours, the market has seen strong bullish momentum. Leaders Bitcoin and Ether are up 9.11% and 6.22%, respectively. Meanwhile, Dogcoin (DOGE) is close behind with a gain of more than 6%.

Dogcoin price action in the last 24 hours: Dogcoin bounces to $0.15

DOGE/USD traded in a range of $0.1381 to $0.1501, indicating strong volatility in the last 24 hours. Trading volume increased by 59.27% to a total of $68.6 billion, for a total market capitalization of about $19.725 billion and an overall ranking of 11th.

DOGE/USD 4-hour chart: DOGE starting to slow down?

On the 4-hour chart, we can see signs of a sell-back in the dogcoin price as the $0.15 mark offers some resistance.

DOGE/USD 4-hour chart. Source: TradingView

The price action in dogecoin has been moving sideways around the $0.135 to $0.145 price area for the past few weeks. After hitting slightly higher highs and lower lows in the first few days of February, DOGE/USD started moving higher again earlier yesterday.

By the end of the day, DOGE had broken through the $0.145 resistance level and the previous highs. Further gains overnight took the market to the $0.15 handle, which means significantly higher highs have been set.

As a result, we could see a retracement of the dogcoin price action starting soon. Most likely, the shorts will look to set another higher low, thus pushing higher again early next week.

Dog coin price analysis: conclusion

Dogecoin price analysis is bearish today as we have seen strong higher highs established in the last 24 hours. As a result, the bulls may have exhausted themselves and the market is now ready to pull back and set another higher low.

While waiting for further development of Dogcoin, see our articles on Coinbase vs. Coinbase Pro, hardware vs. software wallets, and the best cryptocurrency trading platforms in the US.

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