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Dogecoin price analysis: Dogecoin aims to retest $0.29, will resistance hold?

Dogecoin Price analysis

TL;DR Breakdown

  • DOGE moved sideways yesterday.
  • The market moved higher earlier today.
  • Next target at $0.29.

Dogecoin price analysis is bullish for today as the market moved higher over the past 24 hours, with the previous resistance around the $0.29 mark likely to be retested overnight. Therefore, we can expect DOGE/USD to move towards the next major resistance area around $0.335-$0.35.

Dogecoin price analysis: Dogecoin aims to retest $0.29, will resistance hold? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a strong bullish momentum over the past 24 hours. Bitcoin has increased by 6.7 percent while Ethereum by 7.4 percent. VeChain is among the best performers, with a gain of almost 19 percent.

Dogecoin price movement in the last 24 hours

DOGE/USD traded in a range of $0.253 – $0.2749, indicating moderate volatility. The trading volume has remained relatively flat over the last 24 hours and still stands around $2.2 billion. Meanwhile, the total market cap has increased to $35 billion.

DOGE/USD 4-hour chart – DOGE looks to retest $0.29

On the 4-hour chart, we can see the Dogecoin price moving higher earlier today as bulls want to set a higher high above the $0.29 mark.

Dogecoin price analysis: Dogecoin aims to retest $0.29, will resistance hold?
DOGE/USD 4-hour chart. Source: TradingView

The overall Dogecoin price action is still bearish as a strong lower low was set around the $0.165 mark on the 22nd of June. The $0.165 support was reached after a more than 60 percent retracement from the $0.44 high, indicating a relatively strong bearish momentum.

Last week, DOGE/USD retraced some of the loss and found resistance around $0.29 which previously acted as strong support in May. This price action development indicates that we can expect further downside later this week, however, first, Dogecoin needs to retest the $0.29 resistance again.

Therefore, we can expect DOGE/USD to move higher over the next 24 hours. However, once the $0.29 resistance is reached, we could see DOGE/USD reverse again and start trending lower below the $0.165 current several-week lows. 

Alternatively, if DOGE breaks above $0.29, we can expect the next major resistance area around $0.335-$0.35 to prevent further upside and reverse DOGE/USD from there. 

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish for the remainder of the day as we saw further upside earlier today and a push away from the $0.25 support. This price action development should lead DOGE/USD towards the previous resistance at $0.29, with the following price action development indicating where the market will head later this week.

While waiting for Dogecoin to move higher, read our guides on DeFi advantages, Bitcoin fees, as well as what you can do with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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