Dogecoin Price Analysis: DOGE Soars 35%, Starts Crashing Overnight?

Dogecoin price analysis is bearish today as we see a strong rally of over 35% over the past few hours with a clear break above the next major resistance level at $0.11. Therefore, DOGE/USD may be preparing to retrace and retest the previous resistance level as support.

Cryptocurrency heatmap. Source: Coin360

The market has been trading in the green for the past 24 hours. Leader Bitcoin rose 1.69%, while Ethereum gained 5.97%. Meanwhile, Dogecoin was the best performer among the major altcoins, gaining more than 35%.

Dogecoin price action in the past 24 hours: Dogecoin continues to rise rapidly

DOGE/USD is trading in a range of $0.08298 to $0.1143, indicating a high volatility over the past 24 hours. Trading volume increased by 65% ​​to a total of $5.23 billion, while the total market capitalization is about $15 billion, ranking 8th overall.

DOGE/USD 4-hour chart: DOGE next target at $0.118?

On the 4-hours chart, we can see that buyers are still strong, probably as the $0.118 mark will be tested before an overnight reversal.

DOGE/USD 4-hour chart. Source: TradingView

Dogecoin’s price action has seen strong bullish momentum for several days. After initially breaking the $0.061 resistance, DOGE/USD quickly rose to the $0.084 mark, indicating a strong higher high.

From there, DOGE quickly moved lower to support at $0.075, making very strong higher highs. Buying pressure picked up quickly, making another slightly higher high.

After some consolidation, Dogecoin price failed to reverse as the previous high of $0.084 acted as a strong support. As a result, a massive rally began overnight, leading DOGE/USD to break above major resistance at $0.11.

However, with momentum slowly falling, further gains may not last long. DOGE should see a quick reversal for the rest of the day, leading to a retracement over the next few days.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bearish today as we see a rally of over 35%, which could mean buyers are finally exhausted. However, more upside is likely in the hours before a larger retracement begins.

While waiting for further developments on Dogecoin, see our articles on Siacoin Wallet, Pi Wallet, and LTC Wallet Reviews.

Disclaimer. The information provided is not trading advice. is not responsible for any investments made based on the information provided on this page. We strongly recommend doing independent research and/or consulting a qualified professional before making any investment decision.

Source of information: Compiled from CRYPTOPOLITAN by 0x Information.The copyright belongs to the author Lapin, and may not be reproduced without permission

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