- Dogecoin price analysis is bullish.
- DOGE/USD still holds above $0.20.
- DOGE is currently trading at $0.2080.
The Dogecoin price analysis is positive today, as the market has resumed finding support at $0.20 and is presently looking to reverse. As a result, we anticipate DOGE/USD to rise higher over the next week and perhaps breach the $0.23 local swing high.
As we can see, today’s close is well above the $0.20 local support, which opens up the way for a resistance test at $0.2150. However, before that happens, Dogecoin may consolidate in a range of $0.20-0.21 before we see the market attempt a break higher.
Dogecoin’s price is trading within a bullish flag pattern and holds above the key support level at $0.20 (marked in orange). A close below this level will invalidate the bullish outlook and open up the way for further losses in the market.
Dogecoin price movement in the last 24 hours: Dogecoin still holds above $0.20
DOGE/USD traded in a range of $0.1945 – $0.2119, indicating mild volatility over the last 24 hours. Trading volume has increased by 17.32 percent and totals $1.5 billion, while the total market cap trades around $27 billion, ranking the coin in 10th place overall.
Today, DOGE is trading at $0.2097 and continues to find support at $0.20 (marked in orange). The market has shown great appetite for buying dips during the past couple of days or so, and this indicates that there could be enough momentum left to see Dogecoin test resistance at $0.2150 – the local swing high.
A break of this level would open up the way for further gains in DOGE/USD, with a move to $0.2239 being the next logical step. On the other hand, support is found at $0.20, and a break below this barrier will see a correction unfold. The first level of support at $0.1946-fiat (marked in red) should stop the price from dropping further lower, while more support is found at $0.1850-60 (marked in light green).
DOGE/USD 4-hour chart: DOGE set to reverse next week?
DOGE/USD 4-hour chart. Source: TradingView
The Dogecoin price action has been in a negative trend for the past week. After a significant drop on September 7, DOGE/USD traded in a range last week above $0.23.
However, the market failed to break above this resistance and began another bearish leg on September 14. DOGE/USD fell almost 10 percent in a single day but managed to find support at $0.20 (marked in orange). The price has since recovered almost all of the losses.
Dogecoin is set for another leg higher as the market is now trading above the $0.20 support level. The price might decline in a couple of days, but the momentum is bullish. As a result, we anticipate DOGE/USD to rise higher over the next week and perhaps breach the $0.23 local swing high.
Dogecoin Price Analysis: Conclusion
For today, Dogecoin’s price analysis is favorable as another rejection for further declines was witnessed earlier today, with the $0.20 support level being pierced again. As a result, we anticipate DOGE/USD to rise this week and possibly break past the $0.23 swing high this week.
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