- Dogecoin price analysis is trading bullishly
- DOGE/USD rallied higher in the early morning hours
- We are expecting a breakout to $0.28
Today, our Dogecoin price analysis is bullish after the market saw a surge from the $0.2400 region yesterday to the $0.2550 mark. The coin rejected further downsides below the daily low of $0.2490. We expect the meme coin to defend the $0.2500 region and dash towards the next major support between $0.28 and $0.30.
The cryptocurrency market traded with mixed momentum over the last 24 hours. Bitcoin went up by 1.46 percent, while Ethereum remained almost flat, with a small gain of 0.40 percent. Meanwhile, Solana (SOL) is the best performer with a 20 percent improvement since yesterday.
Dogecoin price movement in the last 24 hours: Dogecoin retests $0.25 as support after a rally overnight
According to our daily Dogecoin price analysis, DOGE/USD traded in a range of $0.2490 – $0.2597, indicating mild volatility over the last 24 hours. The coin’s trading volume rose by 55.95 percent and totals $2.63 billion, while the total market cap is trading at approximately $33.12 billion, ranking the coin at position #8 overall.
DOGE/USD 4-hour chart: DOGE targets $0.28 next?
On the 4-hour Dogecoin price analysis chart, we can observe Dogecoin price preparing for a rally as bulls set camp around the $0.2550, eyeing to break above $0.2600.
The price of Dogecoin has been struggling to record further upside since the start of August but has not managed to break above $0.35. After rallying to $0.35 last month, a strong retracement took place on the 17th of August. As a result, DOGE/USD dropped by not less than 20 percent to the $0.28 mark.
The downward correction was followed by another attempt higher in mid-August before setting a lower high around $0.33. This would send the price of Dogecoin towards $0.2650.
Dogecoin Price Analysis: Conclusion
Today’s Dogecoin price analysis is bullish after setting a higher low at opening the daily chart. Therefore, we are expecting the price of the DOGE/USD pair to adjust higher over the next 24 hours and find its way to the $0.33 price barrier.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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