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Dogecoin Price Analysis: DOGE breaches $0.29 resistance again, will it rally?

Dogecoin price analysis

TL;DR Breakdown

  • Today’s Dogecoin price analysis indicates bullish signals for the next 24-hours 
  • Dogecoin’s market choppiness index is high
  • DOGE is preparing to rally once again.

Today’s Dogecoin price analysis indicates bullish signals for the next 24-hours as the meme coin prepares to enter the weekend. We are expecting the DOGE/USD pair to continue moving higher and test previous highs. 

The overall virtual currencies market has been trading bullishly for most of the day, with Bitcoin gaining 2.44 percent and crossing the $50K mark. Ethereum rose by 6 percent and is currently trading slightly below the $4K mark. Solana is the best-performing coin and has already crossed into the $140 region after rallying by 21 percent. 

Dogecoin price movement in the last 24 hours: Dogecoin moves sideways between $0.29 – $0.31

According to our daily Dogecoin price analysis, DOGE/USD has performed within a daily range of  $0.2805 – $0.3020, indicating a mildly distributed amount of volatility over the last 24 hours. The total trading olume in the meme coin market increased by 8 percent to a sum of $6.54 billion. 

DOGE/USD 4-hour chart: DOGE prepares to rally again?

On our 4-hour Dogecoin price analysis chart, we can see the DOGE/USD attempting to find and build support at the $0.3 mark following a decisive break out above $0.29. 

Dogecoin price analysis
Source: TradingView

Dogecoin price movement has traded with a strong bullish momentum over the past month. After the meme coin established a consolidation base near the $0.20 mark in late July, DOGE/USD recorded a strong rally of approximately 75 percent to the $0.35 region. Further upsides were rejected in mid-August, and after that, Dogecoin found support near $0.2800. 

Presently,  the Dogecoin price action is still trading sideways between the $0.29 and $0.31 price levels. Once the pair successfully breaks above the $0.29 mark and builds the $0.3 base, we can expect a more substantial rally in the upcoming days.

Dogecoin Price Analysis: Conclusion 

Today’s Dogecoin price analysis is heading upwards, with the bulls eyeing support at $0.3. The bears are working to pull the price back to the $0.28 first support, but the chances of this happening during the weekend are slim. Therefore, bulls will likely attempt another push higher later today, with the $0.35 target to break next.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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