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Dogecoin price analysis: DOGE slowly continues consolidation above $0.068, reversal next week?

Dogecoin Price analysis 2022 08 21
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD saw further consolidation overnight.
  • Support at $0.068 is still strong.

Dogecoin price analysis is bullish today, as we have seen steady consolidation over the past days as the $0.068 finally stopped several days of decline. Therefore, DOGE/USD is ready to push higher and look to regain some of the loss seen over the second part of this week.

Dogecoin price analysis: DOGE slowly continues consolidation above $0.068, reversal next week? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.81 percent, while Ethereum gained just 0.1 percent. The rest of the market saw even better performance as more upside was reclaimed.

Dogecoin price movement in the last 24 hours: Dogecoin failed to recover

DOGE/USD traded in a range of $0.06785 to $0.07021, indicating mild volatility over the last 24 hours. Trading volume has declined by 14.35 percent, totaling $477.7 million, while the total market cap trades around $9.2 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE prepares to move higher?

On the 4-hour chart, we can see Dogecoin price action still moving sideways, indicating that a strong base from which to recover has been formed.

Dogecoin price analysis: DOGE continues consolidation above $0.068, reversal next week?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action set a strong swing high just below $0.09 earlier this week as most of August was dominated by increasingly more active buying pressure. However, failure to move higher was seen on Wednesday, leading DOGE/USD to begin retracing.

The first support was seen at $0.08, with further decline seen shortly after. This time, DOGE quickly declined by over 16 percent until support was found at $0.068. From there, consolidation began as recovery could not be made immediately.

Over the last 24 hours, Dogecoin price has established a clear base from which to reverse, likely leading towards further upside next week. The first target is likely the $0.075 previous support, with a lot more upside likely following later.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen a new strong swing low set above $0.068 after several days of consolidation. Therefore, DOGE/USD is ready to move higher and look to retest $0.075 previous support as 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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