Dogecoin price analysis is bearish today as we have seen consolidation into a quick rejection for further upside. Therefore, DOGE/USD is ready to drop even lower and target the $0.06 early next week.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.51 percent, while Ethereum lost 0.04 percent. Meanwhile, Dogecoin (DOGE) still holds around 0.03 percent gain.
Dogecoin price movement in the last 24 hours: Dogecoin continues consolidation, fails to move higher
DOGE/USD traded in a range of $0.06183 to $0.06371, indicating slight volatility over the last 24 hours. Trading volume has declined by 17 percent, totaling $264.4 million. The total market cap trades around $8.35 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE targets $1,500 next?
On the 4-hour chart, we can see selling pressure moving Dogecoin price back below $0.0625, indicating that the $0.06 support will be tested next.
Dogecoin price action has created consolidation after selling pressure declined at the end of August, and only slightly lower local lows could be set. During the middle of the week, DOGE/USD respected the previous local low, indicating that a reversal would follow.
From there, DOGE set another lower high before quickly spiking to the $0.064 resistance, with a swift reaction lower seen immediately. Another consolidation followed around $0.0625 as the market was indecisive on where to go next.
This morning, Dogecoin price spiked higher again. The $0.064 was reached again, with no further upside since then. Likely, DOGE/USD will make another push lower early next week as a result, with the $0.06 support likely targeted next.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen failed attempts to move higher as selling pressure swiftly returned over the past hours. Therefore, DOGE/USD should soon continue even lower and move towards the $0.06 next major support.
While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
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