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Dogecoin Price Analysis: DOGE breaks $0.20, set to reverse today?

TL;DR Breakdown

  • DOGE moved lower yesterday.
  • Support found around $0.195 overnight.
  • Dogecoin prepares to test previous highs.

Dogecoin price analysis indicates bullish momentum to follow over the next 24 hours as a lower low was established overnight after a strong retracement over the past days. Therefore, we expect DOGE/USD to regain some of the loss and set a lower high later this week.

Dogecoin Price Analysis: DOGE breaks $0.20, set to reverse today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours as bulls have picked up momentum earlier today. The market leader, Bitcoin, trades with a gain of 1.48 percent, while Ethereum is up by 3.76 percent. Polkadot (DOT) is among the best performers, with a gain of 5.35 percent.

Dogecoin price movement in the last 24 hours: Dogecoin sets lower low at $0.195

DOGE/USD traded in a range of $0.1938 – $0.2, indicating mild volatility over the last 24 hours. Trading volume has decreased by 11.84 percent and totals $970.3 billion, while the total market capitalization trades around $26.1 billion, ranking the coin in 8th place overall.

DOGE/USD 4-hour chart: DOGE set to retest previous high?

On the 4-hour chart, we can see the Dogecoin price starting to rally over the last hours as bulls want to test the previous high.

Dogecoin Price Analysis: DOGE breaks $0.20, set to reverse today?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action saw a strong rally over the second half of July after a lower low was set on the 20th of July around the $0.16 mark. From there, DOGE/USD spiked higher to the $0.215 mark initially and, after some consolidation, to the $0.23 resistance next.

From the $0.23 resistance, bears pushed the market back to the $0.20 support/resistance level, where a several-day consolidation was seen. Dogecoin slowly started to trade higher until a small spike above the $0.215 mark, where bears retook control of the momentum.

Over the past days, DOGE/USD declined and set a slightly lower low around $0.195, indicating that we might see DOGE reverse again over the next weeks. However, since a strong decline was made earlier this week, we expect DOGE/USD to regain some of the loss and move to test previous highs, where a lower high could be established next.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish for the next 24 hours as bulls are starting to pick up momentum after a consolidation around the $0.195 mark overnight. Therefore, we expect DOGE/USD to push higher over the next 24 hours and try to reach the previous swing high next.

While waiting for Dogecoin to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.

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: //www.cryptopolitan.com/dogecoin-price-analysis-2021-08-04/

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Source: Dogecoin Price Analysis: DOGE breaks $0.20, set to reverse today?

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