dogecoin Today’s price analysis is bullish as we expect further gains to follow after an overnight rally from the $0.058 support. DOGE/USD may rise further and return above $0.06.
The market has been trading in the red for the last 24 hours. Bitcoin, the leader, fell 1.6%. ethereum 5.43 percent. Meanwhile, the rest of the market mostly fell slightly with a few exceptions.
Dogecoin price volatility over the last 24 hours: Dogecoin continues to fall
DOGE/USD is trading between $0.05845 and $0.06006, indicating moderate volatility over the past 24 hours. Trading volume fell by 24.2% to a total of $255 million, but with a market capitalization of about $7.88 billion, the coin ranks 10th overall.
DOGE/USD 4-Hour Chart: Does DOGE Look to Return Higher?
The 4-hour chart shows a quick retracement and rejection below $0.06, suggesting further retracements to follow overnight.
dogecoin price The action has been trading under strong selling pressure for the past few days. After falling below $0.065 for a few days, DOGE/USD soon started to drop above the $0.0625 support.
Initial support was found at $0.0595, rising slightly to $0.061 mid-week.more sales continued from yesterdaythis time the support at $0.058 set the lows of the previous major swing.
Since then, Dogecoin’s price has reacted to the $0.06 resistance, showing a slight drop over the past few hours. Perhaps this means DOGE/USD is poised to move higher and break the $0.06 resistance.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis We are bullish today as the reaction from the $0.058 support is bullish and another local low has been set over the past few hours. DOGE/USD is therefore poised to continue rising over the next 24 hours and retrace further.