Dogecoin price analysis is bullish today as we expect the $0.06 support to hold and reverse the market over the next 24 hours. Therefore, DOGE/USD will likely look to soon return above $0.0625 local minor resistance and proceed higher over the next days.
The market has traded in the red over the last 24 hours as steady selling continued. The leader, Bitcoin, lost 1.87 percent, while Ethereum 0.86 percent. The rest of the market saw even further decline.
Dogecoin price movement in the last 24 hours: Dogecoin fails to drop further
DOGE/USD traded in a range of $0.06019 to $0.06234, indicating mild volatility over the last 24 hours. Trading volume has increased by 7.66 percent, totaling $336.76 million, while the total market cap trades around $8.14 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to return higher?
The 4-hour chart shows a lack of selling pressure, indicating that the Dogecoin price is about to move back above $0.0625.
Dogecoin price action has seen a steady decline over the last days. However, sellers became increasingly less aggressive as only slightly lower local lows could be reached.
After the last substantial spike lower, DOGE/USD briefly tested the $0.060 support. From there, slight recovery set another lower local high before another move lower began.
This time, Dogecoin price action saw a very steady decline, with failure to move below $0.060, indicating that a double bottom reversal pattern has been formed. As a result, bullish pressure should soon return to retrace some of the loss seen over the last week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as the market has seen a failure to continue lower after another test of the $0.060 support. Therefore, DOGE/USD looks to return higher, likely to set another to retrace back to $0.065 previous support that now acts as a resistance.