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Dogecoin price analysis: DOGE swiftly retraces to $0.07, more upside tomorrow?

Dogecoin Price analysis 2022 08 08
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD spiked to $0.0725.
  • Strong retracement is currently in progress.

Dogecoin price analysis is bearish today as we have seen a strong reaction lower as soon as the $0.0725 resistance was hit. Therefore, we expect DOGE/USD to retrace even lower overnight and set another higher local low.

Dogecoin price analysis: DOGE swiftly retraces to $0.07, more upside tomorrow? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.04 percent, while Ethereum gained 3.77 percent. Meanwhile, the rest of the top altcoins have traded with similar results.

Dogecoin price movement in the last 24 hours: Dogecoin sets strong local high

DOGE/USD traded between $0.06875 to $0.07206, indicating substantial volatility over the last 24 hours. Trading volume has increased by 87.34 percent, totaling $379.4 million, while the total market cap traded at around $9.275 billion, ranking the coin in 11th place overall.

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DOGE/USD 4-hour chart: DOGE swiftly retraces

The 4-hour chart shows a rapid decline over the last hours, indicating that bears are rapidly looking to set another higher low.

Dogecoin price analysis: DOGE swiftly retraces to $0.07, more upside tomorrow?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum after several days of consolidation at the $0.066 support. The initial move higher began early on Friday with a clean break past the $0.068 resistance.

From there, DOGE/USD quickly reached the $0.071 mark, with an immediate reaction lower and a retrace to retest the $0.068 as support. Early yesterday buying pressure resumed, leading DOGE to another strong push higher.

This time, the Dogecoin price action spiked as high as $0.0725, setting another strong higher high. However, bulls were not yet ready to breach the $0.073 next significant resistance, meaning that another higher low needed to be set first.   

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect further retracement after a strong rejection from the $0.0725 resistance. Therefore, we expect DOGE/USD to decline further and look to set another higher low around $0.069.

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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