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Dogecoin price analysis: DOGE begins to retrace, looks to break $0.061?

Dogecoin Price analysis 2022 09 07
TL;DR Breakdown
  • Dogecoin price analysis is bullish today.
  • DOGE/USD reversed at $0.058 yesterday.
  • Resistance at $0.061 is currently tested.

Dogecoin price analysis is bullish today as we have seen a strong reversal overnight and bullish momentum resuming during the day. Therefore, we expect DOGE/USD to continue even higher overnight and look to retrace even further.

Dogecoin price analysis: DOGE begins to retrace, looks to break $0.061? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results as the leader, Bitcoin, lost 0.48 percent, while Ethereum almost 1 percent. The rest of the market traded slightly in the green, with Dogecoin up 1.9 percent.

Dogecoin price movement in the last 24 hours: Dogecoin reverses at $0.058

DOGE/USD traded between $0.05794 to $0.06079, indicating strong volatility over the last 24 hours. Trading volume has declined by 9.72 percent, totaling $366 million, while the total market cap trades around $8 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE set to rally further?

On the 4-hour chart, we can see strong bullish momentum over the past day, indicating that more retrace will follow overnight.

Dogecoin price analysis: DOGE begins to retrace, looks to break $0.061?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded in a several-week consolidation over the past weeks after a strong selloff at the end of August. Resistance at $0.064 was tested several times as DOGE/USD attempted to rally higher.

Swift breakout attempt followed early yesterday, however, it was immediately rejected, forming a strong rejection candle. From there, selling pressure quickly piled up, leading to a massive drop past previous lows.

Eventually, the Dogecoin price found support at $0.058. Reversal followed overnight, beginning the current move higher. If DOGE/USD can sustain the momentum, we could see the $0.061 broken and lower local high to be set over the next 24 hours.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen a strong upside from the $0.058 support that was set overnight. Therefore, we expect DOGE/USD to look to break past $0.061 resistance and set another lower high soon.

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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