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Dogecoin price analysis: DOGE fails to recover above $0.071, looks to test further downside? 

Dogecoin Price analysis 2022 08 23
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • Lower local high is currently set.
  • DOGE/USD ready to return lower.

Dogecoin price analysis is bearish today as we have seen a steady retrace and another lower local high set during the day. Therefore, DOGE/USD is not yet ready to recover, and further tests of the downside should follow.

Dogecoin price analysis: DOGE fails to recover above $0.071, looks to test further downside?  1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.03 percent, while Ethereum gained around 4 percent. The rest of the top altcoins followed with similar results.

Dogecoin price movement in the last 24 hours: Dogecoin retests upside

DOGE/USD traded between $0.06629 to $0.06917, indicating mild volatility over the last 24 hours. Trading volume has declined by 25.4 percent, totaling $351.67 million, while the total market cap trades around $9 billion, ranking the coin in 10th place overall.

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

On the 4-hour chart, we can see a failure to set a strong recovery, indicating that another lower high will soon be set, and a decline will follow over the next 24 hours.

Dogecoin price analysis: DOGE fails to recover above $0.071, looks to test further downside?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong selling pressure over the past week after a new swing high was set at $0.089. From there, DOGE/USD failed to continue higher, leading to a quick retrace lower.

Higher local low was briefly set at $0.08 on Thursday. However, recovery was not seen after, leading DOGE/USD to drop even lower to $0.068 next major support. Consolidation followed for several days, with no strong recovery seen once more.

Dogecoin broke out of the consolidation early yesterday, moving towards the $0.065 support. A slight retrace has been seen since, with another lower local high indicating that another strong drop lower will follow over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen lower local high set after a steady recovery earlier today. Therefore, DOGE/USD is likely ready to push even lower and look to break past the $0.065 current low later in the week.

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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