TL;DR Breakdown
Dogecoin price analysis is bullish today. The DOGE/USD pair found support at $0.0507 just as anticipated in yesterday’s analysis. This is a positive development that suggests the bulls are still in control of the market. A breakout above the immediate resistance at $0.0587 will open up the upside towards $0.0617. On the other hand, if the price fails to move above $0.0587, it will mean that the bears are still holding on and a move back to $0.0507 is possible.
On the 4-hour Dogecoin price analysis chart, you can see that the bulls have pushed the price above the 25 Simple Moving Average. They are also trying to move above the 50 SMA but they are yet to succeed. This suggests that there is a minor bearish pressure in the market. A break below the 50 SMA will mean a move back to the 25 SMA. DOGE is currently trading at $0.0545 after an initial rally to $0.0587 was quickly reversed.
Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher?
DOGE/USD bulls were in control yesterday as they pushed the price from an intraday low at $0.0507 to a high of $0.0587. They were, however, unable to hold on to these gains and the price quickly reversed. The bears pulled the price back below the 25 Simple Moving Average and tested the 50 SMA. The bulls defended this level but they were not able to move higher. DOGE is currently trading at $545 after an initial rally to $0.0587 was quickly reversed. The Dogecoin bulls will be hoping that the price can move above the 50 SMA and continue with the uptrend.
DOGE/USD 4-hour chart: Recent price developments
On the 4-hour Dogecoin price analysis chart, we can see that the upside has been rejected once again in recent hours, suggesting that further losses are ahead over the night. DOGE/USD is expected to look to break below $0.065 and retrace much further later in the week.
Dogecoin price action over the past seven days has been incredibly bullish, with a move from lows around $0.04 to highs of $0.078. The move higher ran into some trouble this week as the market found resistance just shy of $0.08, and price action has since retraced lower towards key support at $0.065. The near-term outlook for DOGE is bullish while above the $0.065 level, with a move back towards $0.08 likely in the days ahead. A break below $0.065 could see DOGE/USD retrace all of the gains seen this week, with a move toward $0.04 possible if support at $0.055 is broken.
Dogecoin price analysis: Conclusion
The Dogecoin price analysis is bearish today as the bulls fail to hold on to the gains above $0.05. A move back below $0.045 is possible in the near term if the bears can gather enough strength.
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