Bitcoin
$ 28,950.00 0.99%
Ethereum
$ 1,771.79 2.43%
Solana
$ 42.53 4.55%
Dogecoin
$ 0.080888 0.84%
ApeCoin
$ 6.02 0.94%
STEPN
$ 0.897497 10.50%
Terra Luna Classic
$ 0.000087 29.35%

Dogecoin Price Analysis: DOGE bottoms out above $0.16, ready to move higher?

Dogecoin Price analysis

TL;DR Breakdown

  • 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.

Dogecoin Price Analysis: DOGE bottoms out above $0.16, ready to move higher? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: DOGE bottoms out above $0.16, ready to move higher?
DOGE/USD 4-hour chart. Source: TradingView

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.

While waiting for Dogecoin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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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