- DOGE moved lower yesterday.
- Support found around $0.28.
- Bulls are preparing to push DOGE higher.
Dogecoin price analysis is bullish for today as the market consolidated overnight after finding support around $0.28. Therefore, we expect DOGE/USD to move higher later today and try to retest the $0.335 mark.
The overall market trades with a substantial loss over the last 24 hours. Bitcoin is down by 5.2 percent, while ERthereum around 3.4 percent. The rest of the cryptocurrency market follows this pattern of bearish price action development.
Dogecoin price movement in the last 24 hours
DOGE/USD traded in a range of $0.2805 – $0.3007, meaning a moderate amount of volatility. Trading volume has slightly increased by 19 percent and totals $1.6 billion. Meanwhile, the total market cap stands at $37.8 billion, ranking cryptocurrency in 6th place overall.
DOGE/USD 4-hour chart – DOGE moves lower yesterday
On the 4-hour chart, we can see the Dogecoin price action moving lower yesterday and establishing support around $0.28.
When looking at the Dogecoin price action development over the past weeks we can see that bears are exhausted after a very strong retracement from the $0.73 mark in May. Support was initially found at $0.21 and a quick spike higher was seen from there.
Eventually, Dogecoin found strong support at $0.28 and spiked to $0.45, setting the latest major swing high. From there, DOGE/USD retraced for more than 2 weeks until the $0.28 mark was retested again.
Therefore, we can assume that the $0.28 support still holds and bulls are regaining control over the market. Once the local resistance at $0.30 breaks, we should see a lot more further upside from Dogecoin.
Alternatively, if the $0.28 mark fails to hold, we can expect Dogecoin to start trading lower again over the next 24 hours and spike towards the previous major low at $0.21.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish as the market reached previous support around $0.28 yesterday and failed to move lower. This means that we should see DOGE/USD push higher over the next 24 hours back above the $0.30 resistance.
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