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Dogecoin Price Analysis: DOGE slowly trades sideways above $0.20, prepares for another push higher?

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TL;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.

Dogecoin Price Analysis: DOGE slowly trades sideways above $0.20, prepares for another push higher? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: DOGE still trades sideways above $0.20, prepares for another push higher?
DOGE/USD 4-hour chart. Source: TradingView

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.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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