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Dogecoin Price Analysis: DOGE spikes over 40 percent, finds resistance at $0.22

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD spiked to $0.22.
  • Selling pressure is currently returning.

Dogecoin price analysis is bearish today as we expect a sharp reversal to follow after a 40 percent spike higher over the past hours. Likely DOGE/USD is headed towards the previous major resistance at $0.18 next to retest it as support.

Dogecoin Price Analysis: DOGE spikes over 40 percent, finds resistance at $0.22 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mostly bearish momentum over the last 24 hours. Both Bitcoin and Ethereum are in the red, with a loss of 2.27 and 3.66 percent, respectively. Meanwhile, Dogecoin (DOGE) is among the top performers today, with a gain of around 24 percent.

Dogecoin price movement in the last 24 hours: Dogecoin finds resistance at $0.22, gains over 40 percent since morning

DOGE/USD traded in a range of $0.152 – $0.2129, indicating strong volatility over the last 24 hours. Trading volume has spoiled by 685 percent, totaling $5.69 billion. Meanwhile, the total market cap trades around $25.6 billion, ranking the coin in 9th place overall.

DOGE/USD 4-hour chart: DOGE rejects further upside

On the 4-hour chart, we can see the Dogecoin price currently reacting lower as bulls cannot sustain the current price levels any longer.

Dogecoin Price Analysis: DOGE spikes over 40 percent, finds resistance at $0.22
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has seen slow sideways movement since the major spike lower on the 4th of December. After a new low was found at $0.13, DOGE/USD quickly recovered to $0.18 resistance.

Below the $0.18 mark, DOGE  traded for over a week, with a second retest seen early last week. After some consolidation below the resistance, a slow decline began again, leading to a new lower low set below $0.16.

Late Yesterday, the Dogecoin price reached a new low at $0.1514. However,  slow reversal began overnight. After regaining some of the loss, DOGE/USD started to rapidly advance higher as soon as the $0.16 mark was reclaimed. Since then, DOGE has seen over a 40 percent spike higher, with a new swing high set at $0.22.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect retracement from the previous spike high to follow later. Likely, DOGE/USD will look to move towards the previous major resistance at $0.18 as a place where support could be found again.

While waiting for Dogecoin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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