Dogecoin price analysis is bullish today as we expect further upside to follow after support was found at $0.06 and bullish momentum took over overnight. Likely, DOGE/USD will continue even higher as the $0.065 resistance was already broken and target the $0.069 mark next.
The market has traded strongly in the green over the last 24 hours. The leader, Bitcoin, gained 8.69 percent, while Ethereum gained over 15.59 as one of the top performers of the day. The rest of the top altcoins followed closely, with Uniswap (UNI) being the top performer.
Dogecoin price movement in the last 24 hours: Dogecoin xxx
DOGE/USD traded between $0.06052 to $0.0656, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.15 percent, totaling $451.4 million, while the total market cap trades around $8.7 billion, ranking the coin in 10th place.
DOGE/USD 4-hour chart: DOGE on its way higher?
On the 4-hour chart, we can see the Dogecoin price rapidly gaining ground as sellers are finally exhausted, indicating that further upside will be reached overnight.
Dogecoin price action has seen a strong retrace from the previous upswing over the past few days, with several support levels broken along the way. However, after the last push lower yesterday new support was found at $0.06.
From there, a quick reaction higher followed above $0.0625, indicating that another retest of the upside had begun. Overnight to today, some more consolidation followed as bulls prepared for more upside.
Further consolidation was seen during most of the day until a sudden spike higher began later in the afternoon. The next resistance level at $0.065 was quickly reached and broken, opening the way for a lot more upside to follow overnight as well as tomorrow.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today, as we have seen a strong rebound over the last 24 hours and previous support at $0.065 already reclaimed. Therefore, we expect DOGE/USD to continue pushing higher later today and look to retest the $0.069 next resistance later this week.