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

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The Dogecoin price had quite a run yesterday; it started the day around $0.0025 and ended the day at $0.0130. This is higher than the $0.0125 swing we saw in early May, but its still lower than we saw right before the start of the “bear market” back in February. We’ve seen this happen before. The DOGE price has been known to jump higher and then fall back as the markets get more crowded. We’ve seen this before.

Dogecoin (DOGE) had a pretty good month of May, recovering from the $0.20 pull back in April to test $0.23. A few days ago, the cryptocurrency’s price was bullish, reaching $0.24 before fading down to retest the $0.20 area.

Dogecoin Price Analysis: DOGE retests $0.23 resistance, prepares to reverse?. Read more about active dogecoin and let us know what you think.

TL;DR Summary

  • DOGE began to rally again the other day.
  • Overnight, there was a lot of positive momentum.
  • DOGE/USD retests barrier at $0.23.

Previous resistance around $0.23 was retested earlier today, and any additional upward was denied, indicating that negative momentum will continue over the next 24 hours. As a result, we anticipate DOGE/USD to retrace and move back to the $0.20 support level.

Dogecoin Price Analysis: DOGE retests $0.23 resistance, prepares to reverse?Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has seen a significant increase. Bitcoin, the market leader, is up 6.3 percent, while Ethereum is up 11.3 percent. 

Dogecoin price movement in the past 24 hours: Dogecoin retests resistance at $0.23.

DOGE/USD moved in a $0.2 – $0.2309 range during the past 24 hours, suggesting high volatility. Trading volume has increased by 177% to $3.1 billion, with a total market capitalization of approximately $28.8 billion, putting the cryptocurrency in seventh position worldwide.

DOGE/USD 4-hour chart: Around $0.23, DOGE denies additional higher.

On the 4-hour chart, we can observe Dogecoin price spiking to the previous high of $0.23 and now rejecting additional higher. 

Dogecoin Price Analysis: DOGE retests $0.23 resistance, prepares to reverse?4-hour chart of the DOGE/USD currency pair. TradingView is the source of this information.

At the end of July, the price of Dogecoin witnessed a significant increase. DOGE/USD surged more than 45 percent from the $0.16 support level till hitting resistance at $0.23. DOGE has now retraced back to the $0.20 support level, forming a multi-day consolidation.

DOGE broke over the $0.20 barrier earlier this week, settling at a slightly lower low of $0.195. However, when the Dogecoin price gained traction and climbed back over the $0.20 level, additional decline was not expected.

This market movement culminated in a strong recovery over the last 24 hours, with the $0.23 level being reclaimed today. We may anticipate DOGE to retrace more today and attempt to build another higher bottom from which to rise higher later this week, given that additional upside is presently being denied.

Conclusion of the Dogecoin Price Analysis 

The dogecoin price analysis for the next 24 hours is negative, as any additional upward has been denied after a fast rise towards the $0.23 prior barrier earlier today. As a result, we anticipate DOGE/USD to reverse some of its gains this weekend and revisit prior lows.

Read our articles on investing in PayPal Bitcoin, Bitcoin trusts, and Dogecoin as a smart investment while you wait for Dogecoin to go further.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Dogecoin has been on a nice run over the past few months, with the coin’s price rising from under $0.01 at the beginning of 2017 to over $0.20 today. Since the start of the year, the coin has seen a lot of ups and downs, going up to over $0.40 a few weeks ago before dropping to $0.15 in the middle of May. In the past week, however, Dogecoin’s price is looking to grow once again, testing $0.23.. Read more about xlmtry and let us know what you think.

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Emilia James
By Emilia James

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