- Dogecoin price analysis is trading bullishly
- DOGE/USD rallied higher in the early morning hours
- We are expecting a breakout to $0.28
Today, our Dogecoin price analysis is bullish after the market saw a surge from the $0.2400 region yesterday to the $0.2550 mark. The coin rejected further downsides below the daily low of $0.2490. We expect the meme coin to defend the $0.2500 region and dash towards the next major support between $0.28 and $0.30.
The cryptocurrency market traded with mixed momentum over the last 24 hours. Bitcoin went up by 1.46 percent, while Ethereum remained almost flat, with a small gain of 0.40 percent. Meanwhile, Solana (SOL) is the best performer with a 20 percent improvement since yesterday.
Dogecoin price movement in the last 24 hours: Dogecoin retests $0.25 as support after a rally overnight
According to our daily Dogecoin price analysis, DOGE/USD traded in a range of $0.2490 – $0.2597, indicating mild volatility over the last 24 hours. The coin’s trading volume rose by 55.95 percent and totals $2.63 billion, while the total market cap is trading at approximately $33.12 billion, ranking the coin at position #8 overall.
DOGE/USD 4-hour chart: DOGE targets $0.28 next?
On the 4-hour Dogecoin price analysis chart, we can observe Dogecoin price preparing for a rally as bulls set camp around the $0.2550, eyeing to break above $0.2600.
The price of Dogecoin has been struggling to record further upside since the start of August but has not managed to break above $0.35. After rallying to $0.35 last month, a strong retracement took place on the 17th of August. As a result, DOGE/USD dropped by not less than 20 percent to the $0.28 mark.
The downward correction was followed by another attempt higher in mid-August before setting a lower high around $0.33. This would send the price of Dogecoin towards $0.2650.
Dogecoin Price Analysis: Conclusion
Today’s Dogecoin price analysis is bullish after setting a higher low at opening the daily chart. Therefore, we are expecting the price of the DOGE/USD pair to adjust higher over the next 24 hours and find its way to the $0.33 price barrier.
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