- Dogecoin price analysis is bullish for today.
- DOGE/USD rallied higher yesterday.
- DOGE saw a quick spike lower to $0.30.
DOGE is trading bearishly on the 24-hour Dogecoin price analysis after the market recorded a quick drop to the $0.2450 region overnight. Since further upside was heavily rejected on today’s chart, we are hoping for DOGE/USD to move lower over the next 24 hours and try to retest the $0.2300 resistance next.
The general cryptocurrency market is trading bullishly after the majority of the coins recorded more than 4 percent in gains. Bitcoin and Ethereum saw a gain of 3 percent and 3.08 percent respectively.
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 $0.2412 – $0.2479, indicating mild volatility over the last 24 hours. Trading volume has increased by 15.71 percent and totals $1.073 billion, while the total market cap trades around $32.22 billion, ranking the coin at position 9 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 breakdown at $0.2430 rejecting any substantial gains beyond $0.2500.
Dogecoin price action found it difficult to record any further upsides over the past weeks. After rallying to $0.35 in August, a strong retracement took place on the 17th of that month. DOGE/USD dropped by approximately 20 percent to the $0.28 zone.
What followed was another attempt to move higher during the middle of August. A lower high was set below $0.33, which pulled 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
Meanwhile, Dogecoin price analysis is bearish for today after setting a lower high and rejecting further upsides. Therefore, we are hoping that DOGE/USD will move lower in the next 24 hours and attempt to retest $0.2300.
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