Dogecoin price analysis is bearish today as we see a strong rally of over 35% over the past few hours with a clear break above the next major resistance level at $0.11. Therefore, DOGE/USD may be preparing to retrace and retest the previous resistance level as support.
Cryptocurrency heatmap. Source: Coin360
The market has been trading in the green for the past 24 hours. Leader Bitcoin rose 1.69%, while Ethereum gained 5.97%. Meanwhile, Dogecoin was the best performer among the major altcoins, gaining more than 35%.
Dogecoin price action in the past 24 hours: Dogecoin continues to rise rapidly
DOGE/USD is trading in a range of $0.08298 to $0.1143, indicating a high volatility over the past 24 hours. Trading volume increased by 65% to a total of $5.23 billion, while the total market capitalization is about $15 billion, ranking 8th overall.
DOGE/USD 4-hour chart: DOGE next target at $0.118?
On the 4-hours chart, we can see that buyers are still strong, probably as the $0.118 mark will be tested before an overnight reversal.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin’s price action has seen strong bullish momentum for several days. After initially breaking the $0.061 resistance, DOGE/USD quickly rose to the $0.084 mark, indicating a strong higher high.
From there, DOGE quickly moved lower to support at $0.075, making very strong higher highs. Buying pressure picked up quickly, making another slightly higher high.
After some consolidation, Dogecoin price failed to reverse as the previous high of $0.084 acted as a strong support. As a result, a massive rally began overnight, leading DOGE/USD to break above major resistance at $0.11.
However, with momentum slowly falling, further gains may not last long. DOGE should see a quick reversal for the rest of the day, leading to a retracement over the next few days.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we see a rally of over 35%, which could mean buyers are finally exhausted. However, more upside is likely in the hours before a larger retracement begins.
While waiting for further developments on Dogecoin, see our articles on Siacoin Wallet, Pi Wallet, and LTC Wallet Reviews.
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