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Dogecoin price analysis: DOGE slowly retests $0.06, another move higher overnight?

Dogecoin Price analysis 2022 09 01
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD retested previous support overnight.
  • Failure to move lower seen over the last hours.

Dogecoin price analysis is bullish today as we expect the $0.06 support to hold and reverse the market over the next 24 hours. Therefore, DOGE/USD will likely look to soon return above $0.0625 local minor resistance and proceed higher over the next days.

Dogecoin price analysis: DOGE slowly retests $0.06, another move higher overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours as steady selling continued. The leader, Bitcoin, lost 1.87 percent, while Ethereum 0.86  percent.  The rest of the market saw even further decline.

Dogecoin price movement in the last 24 hours: Dogecoin fails to   drop further

DOGE/USD traded in a range of $0.06019 to $0.06234,  indicating mild volatility over the last 24 hours. Trading volume has increased by 7.66 percent, totaling $336.76  million,  while the total market cap trades around $8.14 billion,  ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE looks to return higher?

The 4-hour chart shows a lack of selling pressure,  indicating that the Dogecoin price is about to move back above $0.0625.

Dogecoin price analysis: DOGE slowly retests $0.06, another move higher overnight?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen a steady decline over the last days. However, sellers became increasingly less aggressive as only slightly lower local lows could be reached.

After the last substantial spike lower, DOGE/USD briefly tested the $0.060 support. From there, slight recovery set another lower local high before another move lower began.

This time, Dogecoin price action saw a very steady decline, with failure to move below $0.060,  indicating that a double bottom reversal pattern has been formed. As a result, bullish pressure should soon return to retrace some of the loss seen over the last week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as the market has seen a failure to continue lower after another test of the $0.060 support. Therefore, DOGE/USD looks to return higher, likely to set another to retrace back to $0.065 previous support that now acts as a 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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