Dogecoin Price Analysis: 57 percent 3-week rally sees DOGE/USDT past $0.2700

TL;DR Breakdown

• Dogecoin price analysis is positive today
•  BTC, ETH, ADA, and BNB recorded 1.20 percent, 2.34 percent, 22 percent, and 10.45 percent
• As of this writing, Dogecoin is trading for $0.2694 against the US dollar. 

Dogecoin Price Analysis: General price overview

Dogecoin price analysis is positive today and shows high chances of posting record gains in the next 24 hours.  

During press time, the meme coin has rallied by 78 percent since July 20. The three-week range cuts between $0.159 – $0.284. Dogecoin’s all-time high shares the same bearish turning point with Bitcoin, when both cryptos hit low bottoms. 

The DOGE/USDT pair opened the daily chart at $0.2562 and traced an ascending channel that scattered all seller volumes. 

Bulls have an advantage on the medium outlook of Binance Coin as the overall structure leans in favor of buyers. An outlook that’s preparing investors for a bullish breakout. 

The general cryptocurrency market is trading within the green zone. Axis Infinity (AXS) is the best performer from yesterday’s $44 to today’s $74. Bitcoin, Ethereum, Cardano, and Binance Coin recorded 1.20 percent, 2.34 percent, 22 percent, and 10.45 percent, respectively.

Dogecoin price movement in the last 24 hours

Dogecoin price analysis for the daily chart indicates a bullish trendline against the supply zone between $0.280 – $0.312. If the bulls managed to close above this pattern, there would be a resurgence of buyers whose next ceiling lies at $0.328. 

Meanwhile, the DOGE/USDT pair opened the daily chart at $0.25607 and swang gradually to a daily high of $0.2734. 

Furthermore, the daily range between an intraday low of $0.2564 – $0.2736 is relatively moderate. Which suggests moderately increasing volatility. Already the meme coin is 5.60 percent down from yesterday’s trading volumes, a total of $4 billion.

However, the total market capitalization for Dogecoin rose by 7.25 percent. Coinmarket cap ranks DOGE at number 7 with a market cap of $35 billion. 

Dogecoin 4-hour price chart: Buyers stretching their horizons

On the 4-hour price chart for our Dogecoin price analysis, the meme coin is attempting to trace a bullish continuation above the $0.2700 price mark. The bulls are attempting to build a bullish narrative to stretch the price of the coin towards $0.280. 

If this is possible, the bulls will have to consolidate more buyers above their target as they face a big resistance at $0.3000. 

On the contrary, the bears are likely to take over at $0.2550 if the price corrects to that point. A situation that will invalidate the current bullish thesis and possibly trigger a bearish crash to $0.2150. 

However, this is not likely to take place as the bulls seem enthusiastic to outperform the odds and recover from the May crash.  As of this writing, Dogecoin is trading for $0.2694 against the US dollar. 

Dogecoin price analysis conclusion

Dogecoin price analysis is bullish today and will remain as so in the next 24 hours. Buyers are already attempting to build more momentum and thrust more resistances. The long-term perspective is positive, as well as the medium-term. Besides, the short-term outlook for Dogecoin is validated by the bulls as we can see the price has already set a new 2-month high at $0.2790.

Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-08-11/