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Dogecoin price analysis: DOGE looks to set a lower high, swift break below $0.069 next?

Dogecoin Price analysis 2022 07 31
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD found resistance at $0.73 yesterday.
  • Rejection for upside seen over the last hours.

Dogecoin price analysis is bearish today as upside was clearly rejected yesterday, and a lower local high is currently being set. Therefore, we expect DOGE/USD to break past $0.069 support and begin another wave lower early next week.

Dogecoin price analysis: DOGE looks to set a lower high, swift break below $0.069 next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.33 percent, while Ethereum declined by over 0.06 percent. Meanwhile, Dogecoin (DOGE) saw a slight decline of just over 1 percent.

Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher

DOGE/USD traded in a range of $0.06895 to $0.07203, indicating moderate volatility over the last 24 hours. Trading volume has declined by 29.81 percent, totaling $524.85 million, while the total market cap trades around $9.43 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE ready to decline?

The 4-hour chart shows the Dogecoin price action trading with weak momentum since yesterday, likely leading to another retrace early next week.

Dogecoin price analysis: DOGE looks to set a lower high, swift break below $0.069 next?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum over most of this week. From the last swing low at $0.06, DOGE/USD quickly gained over 20 percent as it tested $0.072 resistance.

From there, a quick retrace to $0.068 followed on Friday, indicating that retrace could follow over the weekend. However, not much further downside was seen as a higher local low was set, and further push higher followed.

This time, DOGE spiked above $0.073, with an immediate reaction lower following immediately. Since then, Dogecoin price has failed to continue higher as a lower local high will soon be set, and a reversal will follow over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we saw rejection above $0.073 yesterday as failure to continue today. This means that bulls are likely now exhausted, and DOGE/USD is ready to drop below $0.069 early next week, likely leading back towards the $0.065 mark next.

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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