Dogecoin Price Analysis: DOGE slowly consolidates above $0.20, set for another upside test?

TL;DR Breakdown

• DOGE moved sideways overnight.
• Support around $0.20 still holds.
• DOGE/USD is likely to make another push higher.

Dogecoin price analysis indicates bullish momentum to follow later this week as a consolidation area around $0.20 was established over the last 24 hours. Therefore, we are likely to see DOGE spike higher and set a lower swing high below $0.23 and move lower from there later next month.

The overall crypto market trades with a slight bullish momentum over the last 24 hours. Bitcoin is up by 2 percent, while Ethereum by 2.8 percent. Solana (SOL) is among the best performers, with a gain of 8.57 percent.

Dogecoin price movement in the last 24 hours: Dogecoin consolidates above $0.20

DOGE/USD traded in a range of $0.202 – $0.2085, indicating a low volatility price movement over the last 24 hours. Trading volume has decreased by almost 40 percent and totals $1.27 billion, while the total market capitalization trades around $26.6 billion.

DOGE/USD 4-hour chart: DOGE ready for a final push higher?

On the 4-hour chart, we can see the Dogecoin price establishing a consolidation above $0.20 as bulls prepare for one last push higher.

Dogecoin price has rallied by more than 40 percent over the past week. After establishing another lower low around the $0.16 mark on the 20th of July, DOGE/USD reversed and spiked to the $0.215 mark initially. 

After some retracement back below $0.20, Dogecoin consolidated for several days until another spike higher was seen on the 26th of July. This time the next resistance at $0.23 was reached, and an equally strong retracement was set a couple of hours later that retested the $0.23 mark as support.

From there, Dogecoin started to consolidate once again as bulls prepare for another push higher later this week. Therefore, we are bullish for DOGE/USD and expect bulls to retest the 0.23 mark next.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis indicates bullish price action to follow later today as a new higher low is set around the $0.20 mark. However, when considering the previous price action development, we expect DOGE/USD to move higher and spike to the previous swing high of $0.23 again. 

While waiting for Dogecoin to move higher, read our guides on Bitcoin fees, DeFi advantages, as well as what can you buy with Bitcoin.

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.

Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-07-29/