Dogecoin price analysis: DOGE swiftly continues higher, targets $0.073 next?bit2main
Dogecoin price analysis is bullish today as we have seen a higher low set and a strong push higher above the $0.07 resistance over the past hours. Therefore, DOGE/USD is likely headed even higher and will look to reach the $0.073 resistance soon.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 4.98 percent, while Ethereum 6.37 percent. Meanwhile, the rest of the top altcoins have followed close by with similar results.
Dogecoin price movement in the last 24 hours: Dogecoin resumes advance
DOGE/USD traded in a range of $0.06796 to $0.07071, indicating substantial volatility over the last 244 hours. Trading volume has declined by 3.08 percent, totaling $397.66 million, while the total market cap trades around $9.38 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE targets $0.073?
On the 4-hour chart, we can see strong bullish momentum over the last hours leading above the $0.07 resistance. Therefore, we can expect a lot more upside later today and clear higher high set tomorrow.
Dogecoin price action has continued to recover from the strong selloff that was seen at the end of June. After the initial reaction higher, DOGE/USD saw the first local higher high set at $0.07.
From there, a quick retrace to $0.066 followed, establishing an ascending trendline of support. Further, slight consolidation was formed as another base from which to rally higher was established.
More upside followed overnight, leading back to the $0.07 previous resistance. After not much hesitation it was broken couple of hours ago, indicating that there is a lot more upside to be seen next.
Dogecoin price will likely target the $0.073 resistance next and look to break even higher. In this scenario, another retrace that sets a strong higher local low would offer a great setup for more upside to follow.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen further upside tested and local resistance broken at the $0.07 mark. Therefore, DOGE/USD should continue even higher later today and look to regain even further from the previous loss.
While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.