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Dogecoin price analysis: DOGE swiftly retraces to $0.067, on its way higher? 

Dogecoin Price analysis 2022 08 10
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD found support around $0.067 overnight.
  • Swift rally seen over the past hours.

Dogecoin price analysis is bullish today, as we have seen a swift retrace that sets higher low and quick reaction higher over the last 24 hours. Therefore, DOGE/USD is likely ready to push even higher and push towards the $0.078 next major resistance.

Dogecoin price analysis: DOGE swiftly retraces to $0.067, on its way higher?  1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.56 percent, while Ethereum gained 7.82 percent. Meanwhile, the rest of the top altcoins traded between the two majors.

Dogecoin price movement in the last 24 hours: Dogecoin prepares for another rally?

DOGE/USD traded between $0.06739 to $0.07131, indicating substantial volatility over the last 24 hours. Trading volume has declined by 30.75 percent, totaling $425.56 million, while the total market cap trades around $9.3 billion, ranking the coin in 11th place overall.

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DOGE/USD 4-hour chart: DOGE ready to target $0.078?

On the 4-hour chart, we can see the Dogecoin price action swiftly moving higher over the past hours, likely leading to another higher high reached over the next days.

Dogecoin price analysis: DOGE retraces to $0.067, on its way higher?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action traded with unclear direction last week as both a lower high and higher low was set. However, after some consolidation, around $0.066, DOGE/USD started to advance rapidly.

After several moves higher, DOGE had reached the previous high at $0.074 early yesterday. Swift reaction lower followed during the rest of the day, leading past $0.068 previous support.

From there, Dogecoin price action set a clear low and rapidly reversed once more. Since then, DOGE/USD has advanced back above $0.07 with strong momentum, indicating that further upside will follow soon.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen a quick retrace and reaction higher today as soon as the $0.067 mark was reached. Therefore, we expect DOGE/USD to push even higher and reach the $0.078 next major resistance by the end of the week.

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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