- 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.
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.
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.
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