Dogecoin price analysis: Dogecoin aims to retest $0.29, will resistance hold?
Dogecoin, created as a parody of bitcoin, has been on a steady downtrend over the past few months. As the coin reached a low of $0.14, Dogecoin has made an attempt to return to its former glory. Although it did not reach its previous high of $0.29, dogecoin is currently on its way back to that level. The charts indicate that the momentum behind the price increase is still very strong and the return could be very impressive.
The cryptocurrency market is a volatile place, and prices tend to be driven by a handful of major catalysts. The main event that impacts the cryptocurrency pricing is usually an announcement by a major cryptocurrency exchange.
Dogecoin (coin) is currently trading near $0.30, and is attempting to retest a falling wedge.. Read more about dogecoin price prediction and let us know what you think.
Summary of the situation
Yesterday, the DOGE moved sideways.
Today, the market has shifted to growth.
The next target is $0.29.
The Dogecoin price analysis for today is bullish, as the market has moved higher over the past 24 hours and the previous resistance around $0.29 is likely to be retested overnight. Therefore, we can expect the DOGE/USD to head towards the next key resistance zone around $0.335-$0.35.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market traded with strong bullish momentum over the past 24 hours. Bitcoin was up 6.7 percent and Ethereum was up 7.4 percent. VeChain is one of the best performing companies, growing by almost 19%.
Dogecoin price movement in the last 24 hours
The DOGE/USD pair traded in a range of $0.253 – $0.2749, indicating moderate volatility. Trading volume has remained relatively unchanged over the past 24 hours and is still around $2.2 billion. At the same time, the total value of the market increased to $35 billion.
4 hour chart DOGE/USD – DOGE heading for a retest of $0.29
On the 4-hour chart, we can see that the price of Dogecoin has started to rise today, as the bulls look to set a higher high above the $0.29 level.
DOGE/USD 4 hour chart. Source: TradingView
The overall dynamics of dogecoin price remain bearish, as the 22nd. In June, a strong bottom was formed at $0.165. Support at $0.165 was reached after a retracement of more than 60% from the high of $0.44, indicating relatively strong bearish momentum.
Last week, the DOGE/USD recovered from some of its losses and found resistance around the $0.29 level, which had served as strong support earlier in May. This development suggests that we can expect further declines this week, but Dogecoin should first retest resistance at $0.29.
Therefore, we can expect the DOGE/USD price to rise in the next 24 hours. However, once resistance at $0.29 is reached, the DOGE/USD could reverse and start a downtrend below $0.165, the current multi-week low.
However, if DOGE breaks above $0.29, we can expect the next key resistance zone around $0.335-$0.35 to prevent further gains and DOGE/USD to reverse from there.
Dogecoin Price Analysis: Supplement
Dogecoin price analysis is bullish for the rest of the day as we have seen further growth and a push from $0.25 support today. This price action should take DOGE/USD to the previous resistance at $0.29, and the next price action will show where the market is headed later this week.
In anticipation of the Dogecoin boom, read our guides on the benefits of DeFi, bitcoin commissions, and what you can do with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.In this Dogecoin price analysis we will attempt to find out if the recent Dogecoin price rally is sustainable. The latest rally has taken the Dogecoin price up to $0.29. The Dogecoin price was trading at an average of $0.24 throughout the Dogecoin price analysis.. Read more about technical analysis for dogecoin and let us know what you think.
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