- Dogecoin price analysis is bullish today.
- DOGE/USD saw a higher local low set yesterday.
- Bullish momentum returned overnight.
Dogecoin price analysis is bullish today as we have seen a strong push higher over the last hours after another higher low was set yesterday. Therefore, DOGE/USD will likely break above $0.145 and look to test the previous swing high at $0.154 next week.
The market has traded slightly in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, are both in the red with 0.65 and 0.25 percent loss. Meanwhile, Dogecoin follows with a 0.37 percent gain.
Dogecoin price movement in the last 24 hours: Dogecoin reverses back to the upside, tests previous local high
DOGE/USD traded in a range of $0.1371 – $0.1433, indicating substantial volatility over the last 24 hours. Trading volume has declined by 3.22 percent, totaling $688 billion, while the total market cap trades at $18.94 billion, resulting in a market rank of 12th place.
DOGE/USD 4-hour chart: DOGE rejected for now
On the 4-hour chart, we can see the current attempt to break higher already leading to a new local higher high, however, some rejection is seen over the last hours.
Dogecoin price action has seen new highs tested earlier this week. After another strong rally higher, the current high at $0.154 was reached on the 28th of March.
Retracement followed rather quickly to $0.14 previous resistance turned support. After some consolidation during the middle of the week, DOGE/USD pushed even lower to the $0.135 mark.
Since then, another lower high was set, indicating bearishness. However, a higher low was set yesterday, indicating indecision in the market. Therefore, the Dogecoin price needs to break higher once more if more upside can be expected later in the month.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a strong higher local low set yesterday, leading to another push higher so far today. Therefore, a break higher can be expected towards the $0.154 previous major swing high.
While waiting for Dogecoin to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy DOGE.