Dogecoin price analysis is bullish today as we have seen a strong reversal overnight and bullish momentum resuming during the day. Therefore, we expect DOGE/USD to continue even higher overnight and look to retrace even further.
The market has traded with mixed results as the leader, Bitcoin, lost 0.48 percent, while Ethereum almost 1 percent. The rest of the market traded slightly in the green, with Dogecoin up 1.9 percent.
Dogecoin price movement in the last 24 hours: Dogecoin reverses at $0.058
DOGE/USD traded between $0.05794 to $0.06079, indicating strong volatility over the last 24 hours. Trading volume has declined by 9.72 percent, totaling $366 million, while the total market cap trades around $8 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE set to rally further?
On the 4-hour chart, we can see strong bullish momentum over the past day, indicating that more retrace will follow overnight.
Dogecoin price action has traded in a several-week consolidation over the past weeks after a strong selloff at the end of August. Resistance at $0.064 was tested several times as DOGE/USD attempted to rally higher.
Swift breakout attempt followed early yesterday, however, it was immediately rejected, forming a strong rejection candle. From there, selling pressure quickly piled up, leading to a massive drop past previous lows.
Eventually, the Dogecoin price found support at $0.058. Reversal followed overnight, beginning the current move higher. If DOGE/USD can sustain the momentum, we could see the $0.061 broken and lower local high to be set over the next 24 hours.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen a strong upside from the $0.058 support that was set overnight. Therefore, we expect DOGE/USD to look to break past $0.061 resistance and set another lower high soon.
While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.