logo

Dogecoin price analysis: DOGE retests $0.075, ready to continue higher?

Dogecoin Price analysis 2022 08 15
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD retraced 11 percent since yesterday.
  • Support was found at $0.075.

Dogecoin price analysis is bullish today as we have seen a strong retrace and a higher low set at $0.075. Therefore, a strong higher low has been set at previous resistance, and DOGE/USD is ready to continue higher over the next days.

Dogecoin price analysis: DOGE retests $0.075, ready to continue higher? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 0.62 percent, while Ethereum lost 1.45 percent. Meanwhile, the rest of the market followed with similar results.

Dogecoin price movement in the last 24 hours: Dogecoin retests previous resistance as support

DOGE/USD traded in a range of $0.07515 to $0.08215, indicating strong volatility over the last 24 hours. Trading volume has declined by 25.32 percent, totaling $975 million, while the total market cap trades around $10.32 billion, ranking the coin in 10th place overall.

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

The 4-hour chart shows Dogecoin price setting a strong higher low, indicating that further upside should soon follow.

Dogecoin price analysis: DOGE retests $0.075, ready to continue higher?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded within consolidation below $0.075 for most of August. Strong resistance was established at $0.075 as several rejections were lower seen over the past weeks.

However, after further retrace did not follow during the middle of last week, DOGE/USD finally gathered enough momentum to break higher. A quick spike higher followed yesterday, leading DOGE as high as the $0.085 mark, which means that a strong higher high was set.

From there, Dogecoin saw strong rejection lower, resulting in a retrace overnight. Support was found at $0.075, which previously was strong resistance, indicating that another higher low is set, and bullish momentum is ready to return over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen a strong retrace to previous resistance where support was found earlier today. Therefore, DOGE/USD is ready to continue higher and look to break above the $0.085 previous high.

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.

[wp-faq-schema title="FAQs" accordion=1]
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.

Related News

Hot Stories

Neo price analysis: NEO continues bullish flight as price touches $8.70
Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th
Litecoin price analysis: LTC struggles at $54 as bearish pressure increases
NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
Dogecoin price analysis: DOGE sets double top at $0.067, looks to retrace further?

Follow Us

Industry News

NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
US Job openings fall by 6.2% - What does this mean for the crypto market?
Here are all the Three Arrows Capital NFT collection details on the verge of liquidation
Did authorities freeze Do Kwon's assets?
Crypto Exchange OKX blacklisted in Russia due to unclear grounds