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Dogecoin price analysis: DOGE spikes 35 percent, crumbling retrace to begin overnight?

Dogecoin Price analysis 2022 10 29

Dogecoin price analysis is bearish today as we have seen a strong rally of over 35 percent over the past hours, and the next major resistance at $0.11 is broken in a clear way. Therefore, DOGE/USD is likely ready to retrace and look to retest previous resistance levels as support.

Dogecoin price analysis: DOGE spikes 35 percent, crumbling retrace to begin overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.69 percent, while Ethereum 5.97 percent. Meanwhile, Dogecoin is the top performer among the major altcoins, with over 35 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin continued to rapidly advance

DOGE/USD traded in a range of $0.08298 to $0.1143, indicating extreme volatility over the last 24 hours. Trading volume has increased by 65 percent, totaling $5.23 billion, while the total market cap traded around $15 billion, ranking the coin in 8th place overall.

DOGE/USD 4-hour chart: DOGE targets $0.118 next?

On the 4-hour chart, we can see buyers still strong, likely as the $0.118 mark will be tested before reversal follows overnight.

Dogecoin price analysis: DOGE spikes 35 percent, retrace to begin overnight?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen several days of strong bullish momentum. After the initial break above $0.061 resistance, DOGE/USD quickly rallied as high as the $0.084 mark, indicating a strong higher high set.

From there, DOGE quickly moved lower to the $0.075 support, setting a very strong higher high. Buying pressure quickly returned, moving to set another slightly higher high.

After some consolidation, Dogecoin price failed to reverse as the $0.084 previous high acted as strong support. As a result, a massive rally began overnight, leading DOGE/USD above the $0.11 major resistance. 

However, further upside will likely not follow for long as the momentum slowly declines. DOGE should see a swift reversal over the rest of the day, leading to a retrace over the next days.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen rally of over 35 percent, likely meaning that buyers are finally exhausted. However, some more upside could follow over the next hours before a more substantial retrace begins.

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

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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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