Dogecoin Price Analysis: DOGE retraces to $0.23, set for further highs?

The doge meme is having its moment. This week, it hit headlines worldwide, when the community collectively raised $30,000 for the Jamaican bobsled team. But as the internet loves, the doge meme is far from dead. Instead, it seems to be making a comeback, with the latest edition, based on the popular first crypto, hitting a new all time high.

The dogecoin price has retraced to $0.23, and it is looking to make a new high soon. This is a continuation of the same move that took place on the previous day, and it has the potential to lead to a new ATH. With a $1.05 Fibonacci extension, which will be around $0.39, it is still possible to go higher.

Dogecoin Price Analysis: DOGE retraces to $0.23, set for further highs? DOGE Price Analysis: DOGE retraces to $0.23, set for further highs? Will it reach the previous high at $0.26? DOGE Price Analysis: DOGE retraces to $0.23, set for further highs? Dogecoin Price Analysis: DOGE retraces to $0.23, set for further highs? How do you think it will perform against BTC?. Read more about will dogecoin be worth more than bitcoin and let us know what you think.

TL;DR Summary

  • DOGE has retraced from its $0.285 peak.
  • Overnight, support was established at $0.23, which was previously resistance.
  • Dogecoin is about to break over the $0.29 barrier.

Dogecoin price analysis for today is optimistic, as a new higher bottom was established overnight following a quick pullback to $0.23. Since then, DOGE/USD has begun to rebound higher, suggesting that another higher high should be made above the $0.29 barrier in the near future.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the bitcoin market has gained a little amount of ground. Bitcoin, the market leader, is up 2.5 percent, while Ethereum is down 0.3 percent. With a small loss, the rest of the major cryptocurrencies behind Ethereu.

Dogecoin price movement in the past 24 hours: Dogecoin retraces to test $0.23 as a support level, which was previously a resistance.

Over the past 24 hours, DOGE/USD has moved in a range of $0.2314 to $0.2672, showing moderate volatility. The overall trading volume has dropped by 44.5 percent to $.9 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $33.68 billion, putting it in seventh position worldwide.

DOGE/USD 4-hour chart: Is DOGE headed towards $0.29?

The Dogecoin price is beginning to surge higher on the 4-hour chart today, as bulls aim for the $0.29 barrier once again.

Dogecoin Price Analysis: DOGE retraces to $0.23, set for further highs? 4-hour chart of the DOGE/USD currency pair. TradingView is the source of this information.

After establishing a higher bottom around the $0.20 level at the beginning of August, Dogecoin has witnessed a significant recovery in recent days. DOGE/USD rapidly surged higher on August 6th after many days of stabilization, until resistance was established below the $0.29 level.

As a result, the market structure has shifted back to bullish, with both a clear higher high and higher low formed. However, the Dogecoin price was stretched following a big rise over the weekend, culminating in a severe reversal yesterday.

Around the $0.23 level, which had previously served as a significant barrier overnight, support was established. Bulls resisted additional fall from the $0.23 level and began to drive DOGE/USD upward once again. Overall, today’s price movement should lead to another challenge of the $0.29 major barrier, with the next resistance anticipated around $0.335.

Conclusion of the Dogecoin Price Analysis 

For the next 24 hours, Dogecoin price analysis is optimistic, as a new higher bottom was formed overnight around $0.23 prior resistance. We may anticipate the $0.29 barrier to be challenged later today, given how quickly DOGE/USD reversed and began to surge higher earlier today.

Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.

Disclaimer. The information given is not intended to be used as trading advice. .com is not responsible for any investments made as a result of the information on this website. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

The week started off on a positive note but a strong downward momentum was observed on Monday. The price of Dogecoin retraced from $0.4200 to $0.2350. The MACD on the same day got crossed which was a good sign. The price also broke below the 50EMA which was a bearish signal. The lower end of the consolidation area is at $0.23  which is expected to be a strong support. Dogecoin will continue to oscillate within the range of $0.23-$0.4 as long as it does not break the $0.4200 level.. Read more about dogecoin price prediction after coinbase and let us know what you think.

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