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Dogecoin Price Analysis: DOGE targets new highs after a spike to $0.31 support?

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TL;DR Breakdown

  • Dogecoin price analysis indicates bullish momentum to follow today.
  • DOGE/USD found support around $0.31 yesterday.
  • Dogecoin is ready to push to $0.375 next.

Dogecoin price analysis is bullish for today as a new higher low was established yesterday with a quick spike and rejection to the $0.31 mark. Therefore, we expect DOGE/USD to start trading higher over the next 24 hours and start its way towards the $0.375 next resistance.

Dogecoin Price Analysis: DOGE targets new highs after a spike to $0.31 support? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market trades in the red over the last 24 hours as bears took over the momentum overnight. The market leaders, BTC and ETH, are down by 1.11 and 0.97 percent, respectively. Meanwhile, Dogecoin (DOGE) is among the worst performers, with a loss of 5.53 percent.

Dogecoin price movement in the last 24 hours: Dogecoin sets a higher low around $0.31

DOGE/USD traded in a range of $0.3079 – $0.3403, indicating a moderate amount of volatility over the last 24 hours. Trading volume has seen a sharp decline of 29.72 percent and totals $5.9 billion. Meanwhile, the total market capitalization stands around $41.83 billion, ranking the cryptocurrency in 7th place overall.

DOGE/USD 4-hour chart: DOGE prepares for another rally?

On the 4-hour chart, we can see the Dogecoin price still establishing a base from which to rally higher later this week.

Dogecoin Price Analysis: DOGE targets new highs after a spike to $0.31 support?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has rallied by almost 80 percent since the last swing low around $0.20 while breaking past the previous significant swing high around $0.29. What followed was a rally to the $0.35 mark, where DOGE/USD found resistance on the 15th of August.  

From the $0.35 mark, the Dogecoin price action reversed and swiftly retraced to the $0.31 mark, where the 100-hour moving average blue line offered additional support. Overnight DOGE started to move higher again, although, could not yet reach the previous swing high.

This price action development indicates that DOGE/USD still needs to form a base from which to move higher. However, the several-week bullish momentum should push Dogecoin towards further highs over the following days, with the $0.375 resistance as the next price target.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish for the upcoming days as a new higher low was established yesterday. Currently, DOGE/USD prepares to move higher again, likely leading to another rally to the next resistance around $0.375. 

While waiting for Litecoin to move further, read our articles on BTC Futures, Physical BTC, as well as NFT Marketplace.

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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