- Dogecoin price analysis is bullish today.
- DOGE/USD rejected further downside above $0.16.
- Closest resistance at $0.18.
Dogecoin price analysis is bullish today as we expect another push higher to follow after the downside was rejected above $0.16 yesterday. Therefore, we assume DOGE/USD is now ready to test further upside again.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 0.5 percent, while Ethereum 4 percent. Meanwhile, Dogecoin (DOGE) is among the top performers, with a gain of over 10 percent.
Dogecoin price movement in the last 24 hours: Dogecoin rejects further downside at $0.16, starts to move higher
DOGE/USD traded in a range of $0.1623 – $0.1749, indicating substantial volatility in the market. Trading volume has exceeded 1 billion again, increasing by 16.55 percent. Meanwhile, the total market cap trades around $23.1 billion, ranking the coin in 12th place overall.
DOGE/USD 4-hour chart: DOGE prepares to push higher?
On the 4-hour chart, we can see the Dogecoin price slowly regaining momentum this morning, likely leading to the $0.18 resistance next.
Dogecoin price action has seen a strong spike higher this week after setting a lower low above $0.15 on the 13th of December. A day later, DOGE/USD briefly tested the $0.22 mark, with strong retracement seen immediately.
The $0.18 mark initially prevented further downside. However, by the 15th of December, further lows were reached. More downside followed over the following days until a quick spike to $0.15 was seen yesterday.
Since further downside was rejected and the Dogecoin price started pushing higher again, we could be seeing a new major swing low finally set. Therefore, DOGE/USD could see a strong push higher over the next 24 hours.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish today as we saw further downside rejected yesterday above $0.16. Since then, DOGE/USD has slowly gained upside momentum, likely leading above $0.18 resistance later today.