Dogecoin Price Analysis: DOGE retraces from $0.30, set for further downside today?

TL;DR Breakdown Dogecoin price analysis is bearish for today.DOGE/USD continued declining overnight.DOGE to retest $0.265 support. Dogecoin price analysis indicates bearish momentum to follow as any further downside was seen overnight and series of local lower lows were set. Therefore, we expect DOGE/USD to drop even lower and test the $0.265 previous low next. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded in the red over the last 24 hours, with the market leader, Bitcoin, losing 0.92 percent. Ethereum has remained flat, while Solana (SOL) is the best performer, with a gain of 7.75 percent. Dogecoin price movement in the last 24 hours: Dogecoin continues to retrace from $0.30 DOGE/USD traded in a range of $0.2775 – $0.2896, indicating mild volatility over the last 24 hours. Trading volume has increased by 5.4 percent and totals $1.6 billion, while the total market capitalization trades around $36.75 billion, ranking the coin in 7th place overall. DOGE/USD 4-hour chart: DOGE set to retest $0.265? On the 4-hour chart, we can see the Dogecoin price continuing to drop as bears target the $0.265 mark next. DOGE/USD 4-hour chart. Source: TradingView The Dogecoin price action has seen strong bullish momentum this month. After several days of consolidation around the $0.2 support, DOGE/USD rallied by around 75 percent until the $0.35 resistance. From there, bulls became exhausted and a retraceme...