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Dogecoin Price Analysis: Meme coin is on the rise today

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD is currently trading at $0.26.
  • More upside is likely to be tested today.

The Dogecoin price continues to rise today, as we witnessed a higher low set at $0.25 yesterday, resulting in consolidation above the support level. As a result, we anticipate that DOGE/USD will continue to climb over the next 24 hours.

According to the latest Dogecoin price analysis, there is a chance that we will continue to witness further upside in the Dogecoin price today due to a consolidation pattern that appeared on Tuesday. This consolidation pattern has been formed over two days and continues, as we can see from the chart below. We can also see that DOGE/USD has been gradually rising over the past 3 days since the decline at $0.27 and is approaching another higher low.

As we mentioned earlier, we expect further upside because of the higher low, set at $0.25 yesterday, after DOGE/USD consolidated around this level for the second time in two days. The price is now trading at around $0.28, thanks to a strong uptrend on Wednesday.

Furthermore, a pennant pattern has been formed on the 4-hour chart, and we anticipate that DOGE/USD will likely break above the $0.30 level thanks to this formation. Therefore, more upside can be expected today as we aim for the resistance levels at $0.30 and $0.32.

However, we do expect more downside movement over the next 24 hours as Dogecoin will consolidate before it starts to grow again. This means that we will likely see DOGE/BTC decline further, which would cause DOGE/USD to decline slightly.

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

On the Dogecoin price chart, we can observe that today’s activity has consolidated as bulls are likely to make another push higher.

Dogecoin Price Analysis: Meme coin is on the rise today 1
DOGE/USD 4-hour chart. Source: TradingView

The price of Dogecoin has been trending to bearish this week. After a significant increase to $0.34 on October 28th, DOGE/USD found support at $0.25 in early November.

On Monday, DOGE’s price rose to a new all-time high of $0.2973, giving it solid testing of upside. The cryptocurrency reversed after that, moving back towards the $0.25 support and briefly exceeding it on November 10th.

Since then, Dogecoin’s price action has established a series of lower highs. However, the $0.25 level yesterday kept the price from declining any further, suggesting consolidation in a tighter range. As a result, we anticipate DOGE/USD to make another attempt at gaining ground over the weekend or consolidate around current prices.

DOGE/USD is currently on the surge as the DOGE-1 moon mission is nearing.

Dogecoin Price Analysis: Conclusion 

DOGE/USD is currently trading at $0.26. More upside is likely to be tested today. The Dogecoin price continues to rise today, as we witnessed a higher low set at $0.25 yesterday, resulting in consolidation above the support level. As a result, we anticipate that DOGE/USD will continue to climb over the next 24 hours.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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