Dogecoin price analysis: DOGE spikes 15 percent, further upside swiftly rejected

Dogecoin price analysis is bearish today as we have seen a strong break above the previous high and a quick spike to the $0.085 mark during the day. Since then, DOGE/USD has reacted lower, indicating that retracement will follow over the next 24 hours.

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.25 percent, while Ethereum by 1.09 percent. The rest of the top altcoins saw close results, except for Dogecoin, which still trades with a 9 percent gain.

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

DOGE/USD traded in a range of $0.07275 to $0.08401, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 168 percent, totaling $1.203 billion, while the total market cap trades around $10.86 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE forms massive rejection candle

The 4-hour chart shows a strong reaction from the $0.085 resistance over the past hours, indicating that further retrace will follow early next week.

Dogecoin price has seen failure to reach further upside over the first half of August after the $0.075 mark was reached with a quick spike higher on Tuesday. From there, further attempts to break higher were attempted over the course of the week.

The last push higher saw only a slight reaction lower, which turned into consolidation. From there, bulls finally gathered enough momentum to break higher early this morning.

Further upside followed as high as $0.085, where an immediate reaction lower was seen. Overall, Dogecoin price action has sent a strong signal that a substantial retrace is likely to follow over the next days, likely to retest the $0.075 previous resistance as support.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have a massive spike higher and a strong reaction lower over the past hours. Therefore, DOGE/USD is ready to retrace and look to set another higher low early next week.

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