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Dogecoin Price Analysis: DOGE spikes to $32 overnight, set to slowly retrace today?

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TL;DR Breakdown

  • DOGE moved away from $0.29 resistance overnight.
  • Dogecoin reached $0.31 overnight.
  • DOGE/USD set to retrace today.

Dogecoin price analysis indicates bearish momentum to follow later today as a new high was set around $0.31 and rejection for further upside was seen over the past hours. Therefore, we expect DOGE/USD to retrace today and retest the $0.26 area next.

Dogecoin Price Analysis: DOGE spikes to $32 overnight, set to slowly retrace today? 1
Cryptocurrency heat map. Source: Coin360

The Dogecoin price traded in the red over the last 24 hours. Market leaders BTC and ETH are down by 1 and 2.3 percent, respectively. Meanwhile, Dogecoin is among the best performers with a gain of 5.55 percent.

Dogecoin price movement in the last 24 hours: Dogecoin spikes above $0.31

DOGE/USD traded in a range of $0.2785 – $0.3123, indicating strong volatility over the last 24 hours. Trading volume has increased by 17.34 percent and totals $5.12 billion. Meanwhile, the total market capitalization trades around $39.2 billion, resulting in a market rank of 7th place.

DOGE/USD 4-hour chart: DOGE set to retrace today?

On the 4-hour chart, we can see the Dogecoin price action starting to retrace again as further upside got rejected overnight.

Dogecoin Price Analysis: DOGE spikes to $32 overnight, set to retrace today?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action traded with a strong bullish momentum over the past weeks after a swing low was set around the $0.20 mark at the beginning of August. DOGE/USD has rallied by more than 55 percent, although lost some of its bullish momentum this week.

As we can see, the market has set a slightly higher high twice over the past week, indicating that bulls are becoming increasingly more exhausted. However, since no lower low or high was seen, we can assume that DOGE/USD still trades with a bullish structure.

The overnight rejection for further upside should lead towards another retracement over the next 24 hours, with the $0.26 mark as the first obvious support level. Once a higher low is set, we assume that the Dogecoin price will start to rally higher again and look to set further highs. 

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish for the next 24 hours as another higher high was set around $0.31 overnight and market reversed from there. Therefore, we expect DOGE/USD to retrace later today and look to set another higher low around $0.26. 

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

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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