- Dogecoin price analysis is bullish for today.
- DOGE/USD rallied higher yesterday.
- DOGE saw a quick spike lower to $0.30.
Dogecoin price analysis is bullish today as the market saw a quick spike lower to retest the $0.30 mark. Since further downside was heavily rejected, we expect DOGE/USD to move higher over the next 24 hours and try to reach the $0.33 resistance next.
The cryptocurrency market traded with a slight bullish momentum over the last 24 hours. Bitcoin is up by 2/.46 percent, while Ethereum remained almost flat, with a small gain of 0.03 percent. Meanwhile, Solana (SOL) is the best performer, with a gain of 15.71 percent.
Dogecoin price movement in the last 24 hours: Dogecoin retests $0.30 as support after a rally yesterday
DOGE/USD traded in a range of $0.3005 – $0.3198, indicating mild volatility over the last 24 hours. Trading volume has increased by 39.71 percent and totals $2.83 billion, while the total market cap trades around $40.12 billion, ranking the coin in 8th place overall.
DOGE/USD 4-hour chart: DOGE targets $0.33 next?
On the 4-hour chart, we can see the Dogecoin price preparing for a rally as any further downside was rejected above $0.30.
Dogecoin price has struggled to see further upside over the past weeks. After rallying to $0.35 last month, a strong retracement followed on the 17th of August. DOGE/USD declined by around 20 percent to the $0.28 mark.
What followed was another attempt to move higher during the middle of August. A lower high was set below $0.33, sending DOGE/USD towards further lows at $0.265.
However, the Dogecoin price action started to recover from the $0.265 support. A higher low was set at $0.27 at the end of August, with a rally and a higher high set since. Currently, DOGE/USD retraces to set another higher low, with the $0.30 acting as support, likely leading DOGE higher later this week.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish for the next 24 hours as a new higher low was set earlier today after a brief spike to $0.30, where rejection was seen. Therefore, we expect DOGE/USD to move higher over the next 24 hours and start its way to the $0.33 resistance next.
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