Dogecoin Price Analysis: DOGE slowly trades sideways above $0.20, prepares for another push higher?
2 min readTL;DR Breakdown
- DOGE rallied above the trading range yesterday.
- $0.20 support tested overnight.
- Market ready to move higher again.
Dogecoin price analysis is bullish for today as both a slightly higher high and low were set over the weekend. Therefore, we expect DOGE/USD to attempt another push higher over the next few days, with the $0.23 resistance as the first target.
The overall market traded in a bearish momentum over the last 24 hours. BTC has lost 3.09 percent, while ETH is up by 3.33 percent. Polkadot (DOT) is among the worst performers, with a loss of 7 percent.
Dogecoin price movement in the last 24 hours: Dogecoin established another local higher low
DOGE/USD traded in a range of $0.2014 – $0.2126, indicating mild volatility over the last 24 hours. Trading volume has decreased by 9.51 percent and totals $1.4 billion. Meanwhile, the total market capitalization stands around $26.9 billion, ranking the cryptocurrency in 8th place overall.
DOGE/USD 4-hour chart: DOGE prepares to retest $0.23?
On the 4-hour chart, we can see Dogecoin price retesting the $0.20 support in preparation for another push higher later this week.
Dogecoin price action traded with a strong bullish momentum last weeks. A more than 40 percent gain was seen from the $0.16 low to the $0.23 high. However, DOGE/USD saw a strong rejection to the $0.20 mark on the 27th of July, indicating that the price needs to consolidate before further upside can be reached.
Last week, DOGE/USD spent consolidating above the $0.20 mark with increasingly higher lows set, indicating that the market direction is still bullish. Yesterday another small rally higher was set, with a slightly higher low established overnight, meaning that we can expect another rally for the Dogecoin price over the next 24 hours.
Overall, this price action development should lead Dogecoin towards a lot more upside later this week as bulls want to retest the $0.23 mark again. If another higher high is set above the previous swing high, we are likely to see DOGE/USD move towards the next significant resistance at $0.29 over the following weeks.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish for the next 24 hours as another higher low was established overnight above the $0.20 support. Therefore, DOGE/USD is ready for another spike higher to the $0.23 mark.
While waiting for Dogecoin to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as BTC fees.
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