TL; DR Breakdown
Dogecoin price analysis is bullish today. DOGE / USD rejected a further decline above $ 0.16. Closest resistance at $ 0.18.
Dogecoin price analysis is bullish today as we expect another bullish momentum to follow after yesterday’s low above $ 0.16 was rejected. Therefore, we assume that DOGE / USD is now ready to test to the upside again.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has seen a return of bullish momentum in the last 24 hours. The market leader, Bitcoin, has gained 0.5 percent, while Ethereum 4 percent. Meanwhile, Dogecoin (DOGE) is among the top performers, with a gain of more than 10 percent.
Dogecoin price movement in the last 24 hours: Dogecoin rejects further downside at $ 0.16, starts moving higher
DOGE / USD traded in a range of $ 0.1623 – $ 0.1749, indicating substantial volatility in the market. The volume of operations has once again exceeded one billion, increasing by 16.55 percent. Meanwhile, the total market capitalization is trading around $ 23.1 billion, putting the coin 12th overall.
DOGE / USD 4-hour chart: DOGE preparing to push higher?
On the 4-hour chart, we can see Dogecoin price slowly picking up momentum this morning, likely leading to the $ 0.18 resistance below.
DOGE / USD 4-hour chart. Source: TradingView
Dogecoin price action has seen a sharp rise this week after setting a lower low above $ 0.15 on December 13. A day later, DOGE / USD briefly tested the $ 0.22 mark, with a sharp pullback seen immediately.
The $ 0.18 mark initially prevented a further decline. However, new lows were reached on December 15. Further downside followed in the days that followed until a rapid rise to $ 0.15 was seen yesterday.
As a further downside was rejected and the price of Dogecoin started to rise again, we could be seeing a new major low finally set. Therefore, DOGE / USD could see strong momentum to the upside for the next 24 hours.
Dogecoin price analysis: conclusion
Dogecoin price analysis is bullish today as we saw more downside rejected above $ 0.16 yesterday. Since then, DOGE / USD has slowly gained bullish momentum, probably leading the resistance at $ 0.18 later today.
While you wait for Dogecoin to keep moving forward, check out our articles on the Pi Wallet, Electrum Wallet, and Celsius Wallet.
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Dogecoin Price Analysis: DOGE Bottoms Above $ 0.16, Ready to Move Higher?