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Dogecoin Price Analysis: DOGE retraces to $0.23, set for further highs?

Cryptopolitan


TL;DR Breakdown

  • DOGE retraced from $0.285 high yesterday.
  • Support found around $0.23 previous resistance overnight.
  • Dogecoin prepares to breach $0.29 next.

Dogecoin price analysis is bullish for today as a new higher low was set overnight after a swift retracement to the $0.23 mark overnight. Since then, DOGE/USD has started to rally higher, indicating that we should see another higher high set above the $0.29 resistance next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with a slight gain over the last 24 hours. Market leader Bitcoin is up by 2.5 percent, while Ethereum is down by 0.3 percent. The rest of the top altcoins follow Ethereu with a slight loss.

Dogecoin price movement in the last 24 hours: Dogecoin retraces to test $0.23 previous resistance as a support

DOGE/USD traded in a range of $0.2314 – $0.2672, indicating mild volatility over the last 24 hours. Trading volume has decreased by 44.5 percent and totals $.9 billion. Meanwhile, the total market capitalization trades around $33.68 billion, ranking the cryptocurrency in 7th place overall.

DOGE/USD 4-hour chart: DOGE on its way to $0.29?

On the 4-hour chart, we can see the Dogecoin price starting to push higher today as bulls target the $0.29 resistance again.

Dogecoin Price Analysis: DOGE retraces to $0.23, set for further highs?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen a strong rally over the past days after a higher low was established around the $0.20 mark at the beginning of August. After several days of consolidation, DOGE/USD quickly spiked higher on the 6th of August until resistance was found below the $0.29 mark.

Therefore, the market structure has turned bullish once again as both a clear higher high and higher low was established. However, after the strong rally over the weekend, the Dogecoin price was extended, resulting in a sharp retracement yesterday.

Support was found around the $0.23 mark, which previously acted as a strong resistance overnight. From the $0.23 mark, bulls rejected further downside and started to push DOGE/USD higher once again. Overall, this price action development should lead towards another test of the $0.29 major resistance later today, with the next resistance seen around $0.335.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish for the next 24 hours as a new higher low was established overnight around $0.23 previous resistance. Since DOGE/USD rapidly reversed and started to push higher earlier today, we can expect the $0.29 resistance to be tested later today.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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.



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