Dogecoin Price Analysis: DOGE Bottoms Above $ 0.16, Ready to Move Higher?

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.

Disclaimer. The information provided is not commercial advice. assumes no responsibility for investments made based on the information provided on this page. We highly recommend independent research and / or consultation with a qualified professional before making any investment decision.

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Dogecoin Price Analysis: DOGE Bottoms Above $ 0.16, Ready to Move Higher?

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