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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