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Dogecoin price analysis: DOGE swiftly rejects $0.075, retests previous low

Dogecoin Price analysis 2022 08 09
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD spiked to $0.075 this morning.
  • Retrace back to $0.068 seen over the last hours.

Dogecoin price analysis is bullish today as we have seen a swift decline back to $0.068 from previous support. Therefore, we expect another push higher to follow over the next 24 hours as sellers are exhausted once again.

Dogecoin price analysis: DOGE swiftly rejects $0.075, retests previous low 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.62 percent, while Ethereum around 5 percent. Meanwhile, the rest of the top altcoins followed closely.

Dogecoin price movement in the last 24 hours: Dogecoin swiftly rejects further upside

DOGE/USD traded between $0.06846 to $0.07389, indicating substantial volatility over the last 24 hours. Trading volume has increased by 61.25 percent, totaling $614 million, while the total market cap trades around $9.11 billion, ranking the coin in 11th place overall.

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DOGE/USD 4-hour chart: DOGE ready to move higher again?

The 4-hour chart shows a reaction at the $0.068 previous support, likely resulting in another push higher later today.

Dogecoin price analysis: DOGE swiftly rejects $0.075, retests previous low
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with bullish momentum over the past days after the last retrace ended around the $0.066 mark. From there, consolidation followed before the initial spike higher was seen on Friday.

The first local higher high was seen at $0.071, with a quick retest of $0.068 mark as support soon after. Further upside followed on Sunday, leading to another higher local high set at $0.0725.

Another quick retrace and push higher overnight followed, leading Dogecoin price as high as the $0.075 resistance. Immediate reaction lower back to previous support followed, indicating that the previous low has been retested and DOGE/USD is now ready to continue even higher. 

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen strong support found at the $0.068 previous low after a quick retrace. Therefore, DOGE/USD is ready to push even higher and look to move towards the $0.078 next major resistance.

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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