- DOGE retraced from $0.285 high yesterday.
- Support found around $0.23 previous resistance overnight.
- Dogecoin prepares to breach $0.29 next.
Dogecoin price analysis is bullish for today as a new higher low was set overnight after a swift retracement to the $0.23 mark overnight. Since then, DOGE/USD has started to rally higher, indicating that we should see another higher high set above the $0.29 resistance next.
The cryptocurrency market trades with a slight gain over the last 24 hours. Market leader Bitcoin is up by 2.5 percent, while Ethereum is down by 0.3 percent. The rest of the top altcoins follow Ethereu with a slight loss.
Dogecoin price movement in the last 24 hours: Dogecoin retraces to test $0.23 previous resistance as a support
DOGE/USD traded in a range of $0.2314 – $0.2672, indicating mild volatility over the last 24 hours. Trading volume has decreased by 44.5 percent and totals $.9 billion. Meanwhile, the total market capitalization trades around $33.68 billion, ranking the cryptocurrency in 7th place overall.
DOGE/USD 4-hour chart: DOGE on its way to $0.29?
On the 4-hour chart, we can see the Dogecoin price starting to push higher today as bulls target the $0.29 resistance again.
Dogecoin price action has seen a strong rally over the past days after a higher low was established around the $0.20 mark at the beginning of August. After several days of consolidation, DOGE/USD quickly spiked higher on the 6th of August until resistance was found below the $0.29 mark.
Therefore, the market structure has turned bullish once again as both a clear higher high and higher low was established. However, after the strong rally over the weekend, the Dogecoin price was extended, resulting in a sharp retracement yesterday.
Support was found around the $0.23 mark, which previously acted as a strong resistance overnight. From the $0.23 mark, bulls rejected further downside and started to push DOGE/USD higher once again. Overall, this price action development should lead towards another test of the $0.29 major resistance later today, with the next resistance seen around $0.335.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish for the next 24 hours as a new higher low was established overnight around $0.23 previous resistance. Since DOGE/USD rapidly reversed and started to push higher earlier today, we can expect the $0.29 resistance to be tested later today.
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