22.3 C
Wednesday, August 17, 2022
HomeAnalysisDogecoin price analysis: DOGE swiftly retests upside at $0.07, further drop incoming?

Dogecoin price analysis: DOGE swiftly retests upside at $0.07, further drop incoming?

Dogecoin price analysis today is bearish, with a strong retest of the upside at the $0.07 mark. Since then, the reaction has been declining, suggesting that DOGE/USD may fall further over the weekend.

Heat map of cryptocurrencies. Source: Coin360

The market has traded green over the last 24 hours. Bitcoin, the leader, rose 1.24%, while Ethereum rose more than 4%. The rest of the market traded green as the overall market sentiment was bullish.

Dogecoin price movement over the last 24 hours: Dogecoin beats local resistance

DOGE/USD is trading between $0.06612 and $0.07012, indicating significant volatility over the past 24 hours. Trading volume increased by 27.77% to a total of $331.12 million, with a total market capitalization of about $9.1 billion, and the coin ranked him 11th overall.

ITB widget example

DOGE/USD 4 Hour Chart: Is DOGE Ready For Another Drop?

On the 4-hour chart, we can see that the reaction has been lower in the last few hours. This indicates that the bearish momentum will continue for the rest of the weekend.

Dogecoin Price Analysis: Will DOGE Retest Upwards At $0.07 Soon, Drop Further?
DOGE/USD 4-hour chart.Source: Trading View

Dogecoin’s price action has been trading with steady bearish momentum over the past week, leading to a new swing low set at $0.065. From there, DOGE/USD eased selling pressure and moved to consolidation.

After several attempts to keep it down, DOGE was unable to go any further, resulting in a powerful high-swing low set. Ultimately, the bulls got the upper hand and the market climbed above the $0.069 resistance.

However, given that it did not fall further above $0.07, we expect it to turn down again overnight. Dogecoin price action could return to and exceed the $0.65 support by the end of the weekend.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bearish today as it has seen an uptrend and a quick retest of reaction declines over the past few hours. Therefore, DOGE/USD continues its decline over the weekend and is trying to break below the $0.065 support.

While you wait for Dogecoin to make more moves, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com accepts no liability for investments made based on information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decision.


Most Popular