- Dogecoin price analysis is bullish for today.
- DOGE/USD traded in an increasingly tighter range over the last 24 hours.
- DOGE is ready to rally again.
Dogecoin price analysis is bullish for today as the market has set a new higher low yesterday and since moved in an increasingly tighter range above $0.29 support. Therefore, we expect DOGE/USD to move higher later today and try to test previous highs.
The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin is down by 0.5 percent, while Ethereum is up by 1.11 percent. Meanwhile, Dogecoin is among the best performers, with a gain of 5.6 percent.
Dogecoin price movement in the last 24 hours: Dogecoin moves sideways above $0.29
DOGE/USD traded in a range of $0.2905 – $0.3242, indicating a moderate amount of volatility over the last 24 hours. Trading volume totals $5.1 billion, which is down by 7 percent. The total market capitalization trades at $39.5 billion, ranking the coin in 7th place overall.
DOGE/USD 4-hour chart: DOGE prepares to rally again?
On the 4-hour chart, we can see the Dogecoin establishing a base above $0.29 overnight as bulls prepare for another rally today.
Dogecoin price action has traded with a powerful bullish momentum over the past weeks. After a consolidation base was established around the $0.20 mark at the end of July, DOGE/USD saw a strong rally of around 75 percent to the $0.35 mark.
However, any further upside was rejected on the 16th of August, resulting in an almost 20 percent retracement over the following days with support found around $0.28-$0.29 price area. This price action development likely means that a new higher low has been set, and we can expect a reversal back to the upside later this week.
Currently, the Dogecoin price still trades sideways between the $0.29 and $0.31 price levels. Once DOGE/USD breaks above the $0.29 mark, we should see further rally later this week. Alternatively, if DOGE breaks below the $0.28-$0.29 support, we could see a lot more downside.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish for today as a new higher low was established yesterday, and the market price has consolidated since. Therefore, bulls will likely attempt another push higher later today, with the $0.35 target to break next.
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