Dogecoin price analysis: DOGE swiftly continues higher, peaks at $0.0875

Dogecoin Price analysis 2022 10 28

Dogecoin price analysis is bearish today as we have seen another strong push higher and a reaction at $0.0875. Therefore, DOGE/USD is likely ready to pivot and begin retracing once more.

Dogecoin price analysis: DOGE swiftly continues higher, peaks at $0.0875 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.56 percent, while Ethereum by 0.67 percent. Meanwhile, the rest of the market followed closet, with Dogecoin being the exception as it gained over 12 percent.

Dogecoin price movement in the last 24 hours: Dogecoin sets another higher high

DOGE/USD traded in a range of $0.07293 to $0.0879, indicating strong volatility over the last 24 hours. Trading volume has spiked by 49.6 percent, totaling $3.5 billion, while the total market cap traded around $11.56 billion, ranking the coin in 9th place overall.

DOGE/USD 4-hour chart: DOGE prepares to retrace again?

On the 4-hour chart, we can see a clear reaction at the $0.0875, likely leading towards another drop overnight.

Dogecoin price analysis: DOGE continues higher, peaks at $0.0875
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum over the past days after a strong rally started from the $0.058 support. From there, DOGE/USD quickly broke above $0.061 and started to move rapidly until the $0.085 mark.

From there, DOGE quickly retraced and set a strong higher low at $0.074. However, further retrace could not follow as bullish momentum quickly returned.

Earlier today, Dogecoin price quickly started to rally, moving past the previous high until the $0.88 mark was reached. Since then, DOGE/USD has already seen a reaction lower, which, if continues, should lead towards another retracement over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a strong higher high set again at $0.0875 and a clear reaction lower over the past hours. Therefore, DOGE/USD is ready to reverse and look to retest the downside once more.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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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