Dogecoin price analysis is bullish today as we expect the current retrace to have ended after a drop to the $0.07 previous support. Likely DOGE/USD will continue even higher from there and look to break the previous local high at $0.078 and continue towards the next major resistance at $0.0875.
The market has turned mostly green over the last 24 hours as the majors, Bitcoin and Ethereum started to trade higher. Most of the top altcoins followed close by, while Dogecoin still stagnated with a 2.3 percent loss. However, that is likely to change later today.
Dogecoin price movement in the last 24 hours: Dogecoin sets another higher low as further retrace stops
DOGE/USD traded in a range of $0.06924 to $0.07361, indicating substantial volatility over the last 24 hours., Trading volume has declined by 45.41 percent, totaling $616.6 million, while the total market cap trades around $9.54 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE ready to push further?
On the 4-hour chart, we can see a clear higher low set at the $0.07 previous support after a quick drop lower yesterday. The first signs of reversal have already been set, likely leading to another push higher later in the week.
Dogecoin price action has continued to set new highs over the past weeks. After several tests of the $0.05 mark earlier in June, DOGE/USD saw the initial spike higher on 21 June 2022.
Previous resistance at $0.061 was then clearly retested as support before further upside followed last week. Eventually the current local swing high at $0.078 was reached yesterday, meaning a total upswing of over 50 percent was made.
Selling pressure returned during the middle of the day, quickly leading to a 9 percent drop, while further downside was reached overnight at the $0.07 previous resistance, which now acts as a support.
Signs of reaction higher followed early today, indicating that reversal could be in play over the next days. Therefore, unless the $0.07 support breaks later today, we expect more upside to follow. Dogecoin will likely move to break the $0.78 previous high next, and, when considering the overall more than week long bullish momentum, we expect a lot more upside after that.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as another strong higher local low was set yesterday and a slight reaction higher followed overnight. Therefore, we expect DOGE/USD to soon start pushing higher once again. Once the momentum gets going, we expect bulls to push the market as high as the $0.0875 next resistance.