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

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 Bitcoin and Ethereum 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?

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.

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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