in

Dogecoin Price Analysis: DOGE rebounds from $0.20 support, further upside to follow?


TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD saw a rally today.
  • Closest resistance at $0.23.

Dogecoin price analysis is bullish today as bulls have seen strong momentum over the past hours with a consolidation base formed around $0.20. Therefore, we expect DOGE/USD to rally further over the next 24 hours.

Dogecoin Price Analysis: DOGE rebounds from $0.20 support, further upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with strong bullish momentum over the last 24 hours. The market leader, Bitcoin, increased by 9.79 percent, while Ethereum gained 8.29 percent. VeChain (VET) is the best performer, with a gain of more than 20 percent.

Dogecoin price movement in the last 24 hours: Dogecoin spikes to $0.217

DOGE/USD traded in a range of $0.2 – $0.2174, indicating substantial volatility over the last 24 hours. Trading volume has increased by 40.33 percent and totals $1.427 billion, while the total market cap trades around $28.2 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE ready for further upside?

On the 4-hour chart, we can see the Dogecoin price starting to push higher after a slow consolidation above $0.20.

Dogecoin Price Analysis: DOGE rebounds from $0.20 support, further upside to follow?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen slow bearish momentum over the past weeks. After a strong spike lower on the 7th of September, support was found above $0.23.

Several days of consolidation followed until another spike lower was seen on the 20th of September. This time, support was found at $0.20, with the following reaction testing the $0.23 previous support as a resistance.

Further, the Dogecoin price moved back to $0.20 support and traded several days above it, forming a consolidation. Bulls finally gathered the momentum for another push higher earlier today, indicating that we could see further upside later today.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish today as bulls have gained strength to move away from the $0.20 support after several days of consolidation around it. Therefore, DOGE/USD should reach the next resistance at $0.23 over the next 24 hours.

While waiting for Dogecoin to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Plan B Bitcoin

Plan B predicts Bitcoin at $135k by December

cryptocurrency for recovery

5 Best Cryptocurrency to Buy for the Recovery – October 2021 week 1