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Dogecoin price analysis: DOGE breaks $0.69 support, swift drop to $0.065 next?

Dogecoin Price analysis 2022 08 01
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD saw several attempts to break lower yesterday.
  • Support at $0.069 broken over the past hours.

Dogecoin price analysis is bearish today, as we have seen a steady push lower and a break past $0.069 over the past hours. Therefore, DOGE/USD is now ready to decline even further and look to push towards the $0.065 next support.

Dogecoin price analysis: DOGE breaks $0.69 support, swift drop to $0.065 next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 3.24 percent, while Ethereum by over 4.5 percent. Meanwhile, most of the top altcoins declined slightly more.

Dogecoin price movement in the last 24 hours: Dogecoin begins retracement

DOGE/USD traded between $0.06719 to $0.07113, indicating mild volatility over the past day. Trading volume totals $489.4 million, which is a 6.96 percent decrease from yesterday. The total market cap trades around $8.975 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE targets $0.065 next?

On the 4-hour chart, we can see selling pressure starting to build up as bulls have given up, indicating that more downside will follow overnight.

Dogecoin price analysis: DOGE breaks $0.69 support, swift drop to $0.065 next?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has set a clear lower swing high at the end of last week. After several days of rallying, DOGE/USD spiked to $0.0745, where a quick reaction was seen shortly after.

Retracement to $0.069 set a slightly higher local low, indicating that more upside could be tested later in the weekend. However, bullish momentum was weak, and any further upside was quickly rejected.

From there, Dogecoin price action pushed lower and started to break past $0.69. After failing to do so initially, a slight consolidation was formed until a quick spike lower over the past hours confirmed a lower local low.

Therefore, DOGE/USD is now ready to decline further. The next target is the $0.065 support, which will likely be broken as well later in the week. Considering this, we can expect the previous low at $0.06 to be retested by the end of the week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today, as we have seen a steady reversal to the downside over the weekend and a lower local low set over the past hours. This means that DOGE/USD is ready to decline even lower and push towards the $0.065 support.

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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