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Dogecoin price analysis: DOGE retests downside at $0.06, ready to advance higher?

Dogecoin Price analysis 2022 09 18

Dogecoin price analysis is bullish today as we have seen quick rally to $0.0625 earlier and retest of the downside during the last 24 hours. Therefore, DOGE/USD is ready to continue higher and look to break above $0.0625 current local high early next week.

Dogecoin price analysis: DOGE retests downside at $0.06, ready to advance higher? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.95 percent, while Ethereum 4.86 percent. Meanwhile, the rest of the market has followed with close results.

Dogecoin price movement in the last 24 hours: Dogecoin continues to retrace 

DOGE/USD traded in a range of $0.06012 to $0.06227, indicating substantial volatility over the last 24 hours. Trading volume has declined by 9.2 percent, totaling $196.13 million, while the total market cap trades around $8 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to reverse overnight?

On the 4-hour chart, we can see a substantial retrace already set, likely leading Dogecoin price to reverse and continue even higher next week.

Dogecoin price analysis: DOGE retests downside at $0.06, ready to advance higher?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen previous resistance at $0.065 retested earlier this week after several days of strong advance. Further upside could not be reached, moving DOGE/USD into consolidation for several days.

From there, the previous low at $0.058 was retested once again on Friday, indicating that the overall several week sideways momentum still continues. Since then, DOGE has started to rally again, retesting the $0.0625 resistance.

However, further upside could not be immediately reached, sending Dogecoin price to retest the downside today. Likely higher local low will be set as a result, sending DOGE/USD to attempt another break above $0.065 next week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we saw retrace of almost 5 percent after a strong spike higher yesterday. Therefore, DOGE/USD should soon set a higher local low and prepare to continue even higher over the next days.

While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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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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