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Dogecoin Price Analysis: DOGE retests $0.23 resistance, prepares to reverse?

2 min read

TL;DR Breakdown

  • DOGE started to rally again yesterday.
  • Strong bullish momentum was seen overnight.
  • DOGE/USD retests $0.23 resistance.

Dogecoin price analysis indicates bearish momentum to follow over the next 24 hours as previous resistance around $0.23 was retested earlier today, and any further upside was rejected. Therefore, we expect DOGE/USD to retrace again and move towards the $0.20 support again.

Dogecoin Price Analysis: DOGE retests $0.23 resistance, prepares to reverse? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a strong increase over the last 24 hours. Market leader, BTC is up by 6.3 percent, while ETH is up by 11.3 percent. 

Dogecoin price movement in the last 24 hours: Dogecoin retests $0.23 resistance

DOGE/USD traded in a range of $0.2 – $0.2309, indicating strong volatility over the last 24 hours. Trading volume has spiked by 177 percent and totals $3.1 billion, while the total market cap trades around 28.8 billion, ranking the cryptocurrency in 7th place overall.

DOGE/USD 4-hour chart: DOGE rejects further upside around $0.23

On the 4-hour chart, we can see the Dogecoin price spiking to the $0.23 previous high and rejecting further upside as of now. 

Dogecoin Price Analysis: DOGE retests $0.23 resistance, prepares to reverse?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action saw a strong rally at the end of July. From the $0.16 support, DOGE/USD rallied by more than 45 percent until the $0.23 provided resistance. Since then, DOGE retraced back to the $0.20 support and established a several-day consolidation.

Earlier this week, DOGE moved past the $0.20 mark and set a slightly lower low around $0.195. However, further downside was not seen as the Dogecoin price gathered momentum and moved back above the $0.20 mark.

This price action development resulted in a sharp rally over the past 24 hours, with the $0.23 mark reached once again today. Since further upside currently gets rejected, we can expect DOGE to retrace further later today and try to establish another higher low from which to move higher later this week.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish for the next 24 hours as any further upside is currently rejected after a rapid move towards the $0.23 previous resistance earlier today. Therefore, we expect DOGE/USD to retrace some of the gains and retest previous lows later this weekend.

While waiting for Dogecoin to move further, read our articles on investing in PayPal BTC, BTC trusts, as well as Dogecoin as a good investment.

Disclaimer. The information provided is not trading advice. 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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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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