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Dogecoin price analysis: DOGE swiftly sets higher low at $0.61, push higher incoming?

Dogecoin Price analysis 2022 09 05
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD retraced to $0.061.
  • Resistance at $0.0625 currently holds.

Dogecoin price analysis is bullish today as we expect the current retest of the downside to have ended. Bullish momentum will likely continue overnight, leading DOGE/USD to break past the $0.064 resistance.

Dogecoin price analysis: DOGE swiftly sets higher low at $0.61, push higher incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 0.1 percent, while Ethereum gained 1.69 percent. Meanwhile, Dogecoin is slightly in the red with almost a 1.8 percent loss.

Dogecoin price movement in the last 24 hours: Dogecoin retests previous low

DOGE/USD traded in a range of $0.0613 to $0.06364, indicating substantial volatility over the last 24 hours. Trading volume has declined by 10.91 percent, totaling $228.29 million, while the total market cap trades around $8.25 billion, ranking the coin in 11th place overall.

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DOGE/USD 4-hour chart: DOGE ready to break $0.064?

On the 4-hour chart, we can see a reaction higher from the $0.061 support,  indicating that further upside will soon follow.

Dogecoin price analysis: DOGE sets higher low at $0.61, push higher incoming?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded within a consolidation over the past weeks, with clear resistance formed at $0.064. Strong support at $0.06 was established at the beginning of September, resulting in a steady shift in momentum over the past days.

The 0.064 resistance was first tested on Saturday with a clear rejection. However, the second attempt to rally higher was more substantial, resulting in a consolidation formed below the resistance,  which indicates high interest around this price level.

For now, the resistance could not be broken, sending the Dogecoin price back to the $0.061 support, where a reaction was seen this morning. Likely, DOGE/USD will continue even higher as a result,  with the $0.0625 minor resistance to be broken overnight.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen a higher local low set at $0.061 after a quick retrace overnight. Therefore, DOGE/USD should be ready to continue even higher and finally break past the $0.064 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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