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Dogecoin price analysis: DOGE swiftly drops 10 percent, higher local low set?

Dogecoin Price analysis 2022 08 17
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD saw a strong retrace today.
  • Support was found around $0.081.

Dogecoin price analysis is bullish today as we have seen a quick retrace of 10 percent from the previous high, indicating that a higher local low is set. Therefore, we expect DOGE/USD to continue higher and look to reach even further upside over the rest of the week.

Dogecoin price analysis: DOGE swiftly drops 10 percent, higher local low set? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with slight bearish momentum over the last 24 hours. The leader, Bitcoin, has declined by 2.2 percent, while Ethereum by 2.27 percent. The rest of the market followed closely with similar results.

Dogecoin price movement in the last 24 hours: Dogecoin pivots below $0.09

DOGE/USD traded in a range of $0.08109 to $0.08811, indicating strong volatility over the last 24 hours. Trading volume has declined by 40.83 percent, totaling $1.085 billion, while the total market cap trades around $11 billion, ranking the coin in 10th place overall.

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

On the 4-hour chart, we can see the Dogecoin price swiftly retracing and setting higher low, indicating that another push higher will soon follow.

Dogecoin price analysis: DOGE drops 10 percent, higher local low set?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum over the past week as the $0.075 resistance was broken clearly. A strong higher high was initially set at $0.084. With quick retrace seen on Monday.

From there, DOGE/USD rallied again, breaking past the previous high and setting another strong higher high at $0.09. Yesterday further attempts to move higher followed with failure to move higher, eventually reversing the market.

Overnight, retrace began, quickly leading Dogecoin price below $0.08 previous resistance. Selling continued today, resulting in a new higher local low set above $0.08. Likely another move higher will be attempted later, potentially leading above the $0.09 resistance.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen substantial retrace and higher low set earlier today. Therefore, DOGE/USD is ready to continue even higher and look to break the $0.09 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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