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Dogecoin price analysis: DOGE sharply breaks higher, reacts below $0.09

Dogecoin Price analysis 2022 08 16
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD saw a strong spike higher overnight.
  • Resistance at $0.09 offered strong rejection.

Dogecoin price analysis is bearish today as we have seen another strong rally after a strong higher low reached $0.09. However, over the past hours, DOGE/USD saw a lower reaction, indicating that retrace is about to follow over the next days.

Dogecoin price analysis: DOGE sharply breaks higher, reacts below $0.09 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 1.43 percent, while Ethereum by 1.83 percent. Meanwhile, Dogecoin (DOGE) was the day’s top performer, with around a 10 percent gain.

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

DOGE/USD traded between $0.07571 to $0.08864, indicating strong volatility over the last 24 hours. Trading volume has increased by 84.11 percent, totaling $1.8 billion, while the total market cap trades around $11.25 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE ready to retrace?

On the 4-hour chart, we can see the Dogecoin price action swiftly reacting lower over the past hours, indicating that bullish momentum is exhausted and another retrace can be expected over the next days.

Dogecoin price analysis: DOGE sharply breaks higher, reacts lower below $0.09
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin has seen strong bullish momentum resume over the past days after several attempts to break the $0.075 mark earlier in August. After the resistance was finally broken on Sunday, DOGE/USD quickly spiked to $0.084, where a quick reaction lower followed.

Over the next day, bears made a swift pullback to retest previous resistance at $0.075 as support. Reversal from there followed shortly after, sending DOGE towards another rally.

This time, the Dogecoin price moved as high as $0.09 resistance, where another swift reaction lower followed. Over the past hours, another clear reversal candle formed, sending a clear signal that another higher low will be set over the next days before another push higher follows.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen another strong higher high and further upside rejected at the $0.09 mark. This should lead DOGE/USD towards a steady retrace over the next 24 hours, likely to retest the $0.078 mark as support.

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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