Dogecoin price analysis: DOGE spikes to $0.068, swift retrace incoming?

Dogecoin price analysis is bearish today as we have seen a strong rally over the past days end at the $0.068 mark. DOGE/USD will likely soon start to decline as retracement needs to be made before further upside can follow.

Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.46 percent, while Ethereum over 4.44 percent. Meanwhile, Dogecoin (DOGE) gained 8.1 percent and was among the top performers of the day.

Dogecoin price movement in the last 24 hours: Dogecoin sets strong higher high

DOGE/USD traded in a range of $0.06136 to $0.06797, indicating strong volatility over the last 24 hours. Trading volume has spiked by 143.77 percent, totaling $1.14 billion, while the total market cap trades around $8.74 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE ready to retrace?

On the 4-hour chart, we can see Dogecoin price action rejecting from $0.068 resistance, indicating that retrace is due next.

Dogecoin price analysis: DOGE spikes to $0.068, swift retrace incoming?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen strong decline during the middle of September. From the $0.065 resistance, DOGE/USD declined as far as the $0.056 support, setting a strong lower low.

However, further attempts to move even lower were rejected during the middle of the week, leading DOGE to start moving higher. Previous resistance levels were quickly broken, with the $0.065 previous major resistance being broken overnight.

Dogecoin price rallied even further later, spiking to $0.068 and setting a clear higher high. Since then, DOGE/USD has rejected further upside and started to consolidate above $0.065 previous support. Likely retrace will soon begin, meaning that next week should start with a strong retrace.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a substantial rally until the $0.068 resistance, where a reaction lower followed. Therefore, DOGE/USD has set another higher high and is ready to retrace over the next days.

While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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