Dogecoin price analysis is bullish today as we have seen a push above the $0.0625 resistance and further upside tested throughout the day. Therefore, DOGE/USD will likely head even higher and push towards the $0.065 mark next.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.88 percent, while Ethereum gained over 6 percent. Meanwhile, the rest of the top altcoins followed close by.
Dogecoin price movement in the last 24 hours: Dogecoin continues higher
DOGE/USD traded in a range of $0.06175 to $0.06426, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by just 3.23 percent, totaling $371.8 million, while the total market cap trades around $8.46 billion, ranking the coin in 8th place overall.
DOGE/USD 4-hour chart: DOGE ready to continue higher?
The 4-hour chart shows the Dogecoin price action continuing to trade higher, indicating that a break above the $0.065 resistance will follow next.
Dogecoin price action has seen a strong decline earlier this week as new lows were slowly tested. After the last spike lower on Wednesday, DOGE/USD quickly bounced from the $0.058 mark and set a clear higher swing low.
From there, previous resistance at $0.0625 was reclaimed late yesterday, bringing DOGE/USD to set a higher local high. Since then, we have seen steady consolidation with a retest of previous resistance as support.
Likely more upside will be seen later in the week, with the $0.065 resistance likely to be tested next. Once it breaks, the Dogecoin price action will have much more room for upside over the upcoming days.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen further upside tested over the past hours. Therefore, DOGE/USD is not yet ready to give up and will likely move above the $0.065 resistance.