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Dogecoin price analysis: DOGE swiftly attempts to break $0.061, further upside overnight?

Dogecoin Price analysis 2022 10 25

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD saw another bounce from $0.059 support yesterday.
  • Swift rally seen over the past hours.

Dogecoin price analysis is bullish today as we have seen strong advances throughout the day and a strongest of the $0.061 mark. Therefore, DOGE/USD will likely break even higher and look to push towards 0.063 resistance next.

Dogecoin price analysis: DOGE swiftly attempts to break $0.061, further upside overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2 percent, while Ethereum by 4.51 percent. Meanwhile, Solana (SOL) and Cardano (ADA) were the day’s top performers, with 6.5 and 5 percent gains.

Dogecoin price movement in the last 24 hours: Dogecoin bounced higher again

DOGE/USD traded in a range of $0.05907 to $0.06145, indicating substantial volatility over the last 24 hours. Trading volume has increased by 8.65 totaling $261.58 million, while the total market cap traded around $8.12 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE breaks $0.061

On the 4-hour chart, we can see a strong push above $0.061, likely leading much higher overnight, with the next target at $0.063.

Dogecoin price analysis: DOGE swiftly attempts to break $0.061, further upside overnight?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen sideways movement for the past weeks with clear resistance around $0.061. Despite several failures to move higher, DOGE/USD could not continue higher, and the last spike lower on Friday was quickly rejected.

As a result, further consolidation followed with another test of the $0.061 resistance. From there, DOGE saw another higher local low before the current push higher began.

This time, Dogecoin price action spiked strongly above $0.061 resistance, leading towards $0.062 and indicating that consolidation is over. Likely this will lead towards a lot more upside over the next days, potentially with a small retrace first.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen a strong break past the $0.061 resistance, which clearly signals consolidation is over. Therefore, we expect DOGE/USD to continue even higher over the next days and finally reverse the several-week decline.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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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