Dogecoin Price Analysis: DOGE still holds above $0.25, slowly continues to consolidate

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD found support at $0.25 yesterday.
  • More upside is likely to be tested today.

Dogecoin price analysis is bullish today as we saw a higher low set at $0.25 yesterday, leading to a consolidation above the support. Therefore, we expect DOGE/USD to continue higher over the next 24 hours.

Dogecoin Price Analysis: DOGE still holds above $0.25, slowly continues to consolidate 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with slight bullish momentum over the last 24 hours. Bitcoin gained just 0.02 percent, while Ethereum 0.64 percent. Meanwhile, the rest of the top altcoins follow, with around 1-3 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin continues to trade sideways after test of $0.25 support

DOGE/USD traded in a range of $0.2495 – $0.2606, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 28.09 percent and totals $1.19 billion, while the total market cap trades around $34.14 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE to test upside next?

On the 4-hour chart, we can see the Dogecoin price action consolidating today as bulls likely prepare for another push higher.

Dogecoin Price Analysis: DOGE still holds above $0.25, continues to consolidate
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen bearish momentum return this week. After a strong spike high to $0.34 on the 28th of October, DOGE/USD found support at $0.25 at the beginning of November.

A strong test of upside followed on Monday, leading to a spike to $0.2973. From there, DOGE reversed again, moving back towards the $0.25 support and briefly spiking through it on the 10th of November.

Since then, the Dogecoin price action has set further lower highs, while the $0.25 mark prevented further downside yesterday, indicating consolidation in an increasingly tighter range. Therefore, we expect DOGE/USD to either attempt another rally over the weekend or continue consolidating around the current price levels.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish for today as we saw the $0.25 support prevent further downside yesterday, leading to a slight reaction higher. Likely DOGE/USD will continue consolidating over the next hours before attempting to push higher again.

While waiting for Dogecoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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