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Dogecoin price analysis: DOGE pivots at $0.077, ready for strong retrace?

Dogecoin Price analysis 2022 07 20
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD saw a spike higher yesterday.
  • Strong selling pressure seen since morning.

Dogecoin price analysis is bearish today as a strong reaction lower was seen over the past hours after a quick test of the $0.077 resistance. Therefore, we expect DOGE/USD to drop even further and regain more of the previous loss.

Dogecoin price analysis: DOGE pivots at $0.077, ready for strong retrace? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 244 hours. The leader, Bitcoin, gained 0.88 percent, while Ethereum lost 1.33 percent. Meanwhile, Solana (SOL) was the worst performer, with a loss of over 6.6 percent.

Dogecoin price movement in the last 24 hours: Dogecoin spikes higher again

DOGE/USD traded between $0.06793 to $0.07657, indicating strong volatility over the last 24 hours. Trading volume has increased by 68 percent, totaling $904 million, while the total market cap trades around $9.37 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE ready to retrace further?

On the 4-hour chart, we can see a quick reversal over the last hours, indicating that more downside is tome come over the next days.

Dogecoin price analysis: DOGE pivots at $0.077, ready for strong retrace?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum over the past week. After a quick test of the $0.058 support, DOGE/USD started to advance, breaking past previous resistance levels rapidly.

After a strong push to the $0.07 major resistance, DOGE saw even further upside reached earlier today. Therefore, a new swing higher high was set at $0.077.

However, right now, bulls are exhausted, and the market needs to reverse again. Therefore, we expect the Dogecoin price action to decline even further and look to retest the $0.07 mark as support overnight.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a strong push higher being met with a strong reaction lower. Therefore another swing high has been set, and DOGE/USD is ready to push lower overnight.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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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