Dogecoin Price Analysis: DOGE slowly retraces to $0.235, prepares for another push higher?

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD retraced to $0.235 overnight.
  • Next resistance at $0.25.

Dogecoin price analysis is bullish today as a new higher low was established over the last 24 hours, indicating that another push higher will follow today. Therefore, we expect DOGE/USD will move towards the $0.25 resistance over the next 24 hours.

Dogecoin Price Analysis: DOGE slowly retraces to $0.235, prepares for another push higher? 2
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Bitcoin is down by 0.46 percent, while Ethereum has lost 0.91 percent. Meanwhile, Dogecoin (DOGE) is the worst performer, with a  loss of almost 6 percent.

Dogecoin price movement in the last 24 hours: Dogecoin finds support above $0.235

DOGE/USD traded in a range of $0.2347 -$0.2441, indicating low volatility over the last 24 hours. Trading volume has declined by 37.15 percent and totals $1.157 billion, while the total market cap trades around $31.27 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE set to reach $0.25 today?

On the 4-hour chart, we can see the Dogecoin price setting a higher low at $0.235, which will likely be followed by another push higher.

Dogecoin Price Analysis: DOGE retraces to $0.235, prepares for another push higher?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action saw strong bullish momentum during the start of October. From the previous swing low of around $0.195, DOGE/USD gained around 35 percent to the $0.265 mark on the 5th of October.

However, from there, bears were exhausted, resulting in a retracement to $0.24 and a consolidation in an increasingly tighter range. On the 10th of October, bearish momentum resumed, taking DOGE to the $0.215 mark.

Since then, bullish momentum has picked up. Dogecoin price action has set both a higher high and low, indicating reversal has taken place. Overall, DOGE/USD should see bullish momentum continue later today, with the $0.25 mark as the next target to the upside.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish as another higher low has been set at $0.235 over the last 24 hours. Therefore, we expect DOGE/USD will continue higher later today, with the next target at $0.25.

While waiting for Dogecoin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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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