- DOGE saw consolidation yesterday.
- Spike above $0.25 overnight.
- Next target at $0.29.
Dogecoin price analysis is bullish for today as the market spiked above $0.25 overnight and currently establishes support from which to push higher later today. Therefore, we expect DOGE/USD to move higher over the next 24 hours and try to breach the next resistance at $0.29
The overall market trades in the green over the last 24 hours. Bitcoin is up by more than 5 percent, while Ethereum almost 15 percent. The rest of the market follows this pattern of slight to medium gains.
Dogecoin price movement in the last 24 hours
DOGE/USD traded in a range of $0.2415 – $0.267, indicating a moderate amount of volatility. Trading volume has increased by 20.8 percent and totals $2.2 billion. Meanwhile, the total market cap stands at around $33.4 billion, ranking cryptocurrency in 6th place overall.
DOGE/USD 4-hour chart – DOGE prepares for further upside?
On the 4-hour chart, we can see the Dogecoin price spiking above $0.25 mark overnight and preparing to push higher later this week.
The overall market trades with a bearish price action structure over the past weeks. After peaking around the $0.44 mark at the beginning of June, DOGE/USD retraced by more than 60 percent and found support at $0.165.
From there Dogecoin started moving higher to regain some of the loss. Resistance was met around the $0.29 mark late last week meaning that previous support now acts as a strong resistance. Therefore, before further upside can be seen for the Dogecoin price, the market needs to set another higher high.
Considering the price action development over the past 24 hours, we could see a spike higher soon. As long as the current support of around $0.25 is respected, DOGE/USD should see further upside later this week, with the next major price target around $0.335-$0.35.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish as we can see DOGE/USD establishing a base earlier today from which to push higher over the following days. This price action development should lead DOGE/USD towards a new higher high above $0.29.
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