- 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 closest resistance can be found near $0.18.
Dogecoin continued to move within a sideways range between the 50-day and 100-day moving averages yesterday. The coin found acceptance above $0.16 after rejecting further downside, but it has not been able to break beyond the $0.18 resistance so far. The RSI is currently at 44, indicative of consolidation before another leg higher.
The next target for DOGE/USD could be the 200-day moving average at $0.20, followed by the recent high at $0.24. Support below $0.16 can be found at $0.14 and then at $0.1250.
Dogecoin price movement in the last 24 hours: Dogecoin rejects further downside at $0.16, starts to move higher
The Bollinger bands are widely spread apart after rejecting further downside yesterday. Therefore, we expect a higher move in the short term.
The daily RSI was moving above 50 again after a false break a few days ago. The long-term uptrend is still intact.
The next upside target for DOGE/USD is $0.24, a recent swing high and a key psychological level. The 100-day moving average is also located near here. Therefore, we expect further trading above this area in the short term to confirm a return of bullish momentum.
On the other hand, if the daily RSI stalls below 50 again, another support test can be expected, as indicated by yesterday’s candlestick pattern. In that case, though, we would probably have to reevaluate our bullish expectations entirely. As long as both indicators remain above their neutrality areas between 40 and 50, then it remains likely that DOGE/USD will continue to move higher in the short term.
DOGE/USD 4-hour chart: DOGE prepares to push higher?
On the Dogecoin price‘s 4-hour chart, we can see it gradually regaining momentum this morning, which is likely to take the price to $0.18 resistance soon.
Following a failed attempt to reach the $0.23 mark, Dogecoin’s price action has performed well this week, posting a higher low at $0.15 on December 13th. DOGE/USD briefly approached the $0.22 level the next day, with a substantial retracement following immediately.
The $0.18 level initially kept the decline at bay. However, on December 15th, further lows were recorded. The downturn continued over the next several days until a rapid jump to $0.15 was witnessed yesterday.
We could be seeing a brand-new significant swing low finally established, which is good news for traders short on Dogecoin. As a result, DOGE/USD may see a powerful boost in the coming days.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is favorable today as we witnessed further downside rejected yesterday above $0.16. Since then, DOGE/USD has gradually increased in value, most likely reaching the $0.18 resistance level later today.
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.