DogeCoin Spikes to $0.143, Will There Be A Bearish Signal Today?
Dogecoin price analysis is bearish today, as we have seen another higher high set after a quick spike above $0.14 previous resistance. As a result, the DOGE/USD pair is likely to retrace once more later today in order to establish another higher low. Over the last 24 hours, the market has moved in a positive direction. Bitcoin, the market leader, gained only 0.35%, while Ethereum gained 0.41 %. Meanwhile, Dogecoin (DOGE) is among the top performers, up nearly 7%.
This week’s price action for Dogecoin has seen more upside tested. DOGE/USD saw a massive 20% rally to $0.14 by the 24th of March after ending last week at $0.118 support. A strong reaction lower established a clear higher low around $0.13, allowing bulls to prepare for another push higher yesterday. With a quick spike higher, the $0.14 mark was broken and further upside ensued.
However, there was not much more upside before sellers returned to the market. This morning, the Dogecoin price action saw clear rejection at $0.143, indicating that higher lows must first be established.
Overall. Given how quickly DOGE/USD has risen this week, it is not surprising that bulls have been exhausted, and a more substantial retracement or consolidation is required. As a result, despite the fact that the overall market structure has remained very bullish in recent weeks, selling pressure is likely to return at the start of next week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Dogecoin price analysis is bearish today, as we have seen another higher high set after a quick spike above $0.14 previous resistance. As a result, the DOGE/USD pair is likely to retrace once more later today in order to establish another higher low. Over the last 24 hours, the market has moved in a positive direction. Bitcoin, the market leader, gained only 0.35%, while Ethereum gained 0.41 %. Meanwhile, Dogecoin (DOGE) is among the top performers, up nearly 7%.
This week’s price action for Dogecoin has seen more upside tested. DOGE/USD saw a massive 20% rally to $0.14 by the 24th of March after ending last week at $0.118 support. A strong reaction lower established a clear higher low around $0.13, allowing bulls to prepare for another push higher yesterday. With a quick spike higher, the $0.14 mark was broken and further upside ensued.
However, there was not much more upside before sellers returned to the market. This morning, the Dogecoin price action saw clear rejection at $0.143, indicating that higher lows must first be established.
Overall. Given how quickly DOGE/USD has risen this week, it is not surprising that bulls have been exhausted, and a more substantial retracement or consolidation is required. As a result, despite the fact that the overall market structure has remained very bullish in recent weeks, selling pressure is likely to return at the start of next week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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