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Dogecoin Price Analysis: DOGE retraces to $0.26 as bulls slowly prepare for another move higher


TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD set higher low at $0.26.
  • Dogecoin to move to $0.28 next.

Dogecoin price analysis is bullish today as a retracement has et new high low at $0.26, with bullish momentum slowly returning over the last 24 hours. Therefore, we expect DOGE/USD to continue higher later today and move to test further upside.

Dogecoin Price Analysis: DOGE retraces to $0.26 as bulls slowly prepare for another move higher 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin gained 0.03 percent, while Ethereum 1.9 percent. Meanwhile, Shiba Inu is the top performer, with a 20 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin starts to push higher after consolidating above $0.26

DOGE/USD traded in a range of $0.2602 – $0.2743, indicating strong volatility over the last 24 hours. Trading volume has declined by 58.92 percent and totals $2.611 billion, while the total market cap trades around $35.5 billion, ranking the coin in 9th place overall.

DOGE/USD 4-hour chart: DOGE prepares to breach $0.28?

On the 4-hour chart, we can see bullish momentum returning for the Dogecoin price action, indicating we can expect further upside today.

Dogecoin Price Analysis: DOGE retraces to $0.26 as bulls prepare for another move higher
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen bullish momentum return over the past weeks after a strong retracement during the second week of October. After peaking at $0.27 on the 6th of October, DOGE/USD retraced to $0.215, establishing a clear higher high.

What followed was a several-week rally with high volatility both ways. The previous high at $0.27 was retested briefly on the 18th of October in a very volatile move. From there, DOGE/USD retraced and set another higher low around $0.24.

On Sunday, the Dogecoin price action saw a strong upsurge again, leading to a $0.28 higher-high set. Since then, DOGE/USD has retraced and set a higher low at $0.26 as bulls prepare for further upside.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish as a retracement set a higher low at $0.26 previous resistance after a higher high was set at $0.28. Therefore, we expect DOGE/USD to continue higher over the next 24 hours, with the $0.28 mark as the target to break.

While waiting for Dogecoin to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.



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