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Dogecoin price analysis: DOGE swiftly retests upside at $0.07, further drop incoming?

Dogecoin Price analysis 2022 08 05
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD spiked higher this morning.
  • Reaction lower seen over the past hours.

Dogecoin price analysis is bearish today as we have seen a strong retest of upside end at the $0.07 mark. Since then reaction lower has been made, indicating that DOGE/USD will look to push towards further downside over the weekend.

Dogecoin price analysis: DOGE swiftly retests upside at $0.07, further drop incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.24 percent, while Ethereum gained over 4 percent. The rest of the market has traded in the green as the overall market sentiment was bullish.

Dogecoin price movement in the last 24 hours: Dogecoin spikes above the local resistance

DOGE/USD traded in a range of $0.06612 to $0.07012, indicating substantial volatility over the last 24 hours. Trading volume has increased by 27.77 percent, totaling $331.12 million, while the total market cap trades around $9.1 billion, ranking the coin in 11th place overall.

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DOGE/USD 4-hour chart: DOGE ready for another drop?

On the 4-hour chart, we can see reaction lower over the past hours, indicating that bearish momentum will continue over the rest of the weekend.

Dogecoin price analysis: DOGE swiftly retests upside at $0.07, further drop incoming?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with steady bearish momentum over the past week, leading to a new swing low set at $0.065. From there, DOGE/USD moved into consolidation as selling pressure became weak.

After several attempts to continue lower, DOGE failed to break even lower, resulting in a strong higher swing low set. Eventually, bulls took over and took the market back higher above the $0.069 resistance.

However, considering that further downside was not reached above $0.07, we expect another reversal to the downside to follow overnight. Likely Dogecoin price action will look to return to $0.65 support and break past it by the end of the weekend.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a quick retest of upside and reaction lower over the past hours. Therefore, we expect DOGE/USD to continue lower over the weekend and look to break below the $0.065 support.

While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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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