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Dogecoin price analysis: DOGE swiftly reacts at $0.075 again, another move lower next?

Dogecoin Price analysis 2022 08 14
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD failed to break the $0.075 resistance.
  • Selling pressure increasing over the past hours.

Dogecoin price analysis is bearish today as we have seen another strong push higher rejected at the $0.075 resistance. Therefore, we expect DOGE/USD to reverse soon and look to make set another local lower high.

Dogecoin price analysis: DOGE swiftly reacts at $0.075 again, another move lower next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.33 percent, while Ethereum gained 3.39 percent. Meanwhile, the rest of the top altcoins saw similar slight gains.

Dogecoin price movement in the last 24 hours: Dogecoin fails to break previous high

DOGE/USD traded in a range of $0.07157 to $0.07486, indicating substantial volatility over the last 24 hours. Trading volume has increased by 411.83 percent, totaling $457.5 million, while the total market cap trades around $9.745 billion, ranking the coin in 111th place overall.

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DOGE/USD 4-hour chart: DOGE looks to reverse again?

On the 4-hour chart, we can see clear rejection for any attempts to push above the $0.075 resistance, indicating that the rest of the weekend will be spent in a retrace.

Dogecoin price analysis: DOGE reacts at $0.075 again, another move lower next?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen several strong attempts to break higher over the past week. After the initial rally on Tuesday, DOGE/USD rapidly retraced and set a strong higher low around the $0.068 support.

From there, bulls attempted another move higher on Thursday. Initially, a lower high was set as consolidation was formed below $0.072, with another quick spike higher seen shortly after.

Dogecoin saw a massive rejection candle form later, indicating that a strong retrace will follow later in the week. However, a substantial downside was not reached as another quick spike and rejection followed the $0.075 resistance today.

Overall, this price action development indicates that DOGE/USD is headed for another move lower. Likely another higher local low will be set, and the week long consolidation will continue.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen another clear rejection for upside at the $0.075 resistance. DOGE/USD will likely look to move lower again over the next 24 hours, likely to set another higher local low.

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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