Dogecoin price analysis is bullish today.DOGE/USD rejected further downside above $0.16.Closest resistance at $0.18.
Dogecoin price analysis is bullish today as we expect another push higher to follow after the downside was rejected above $0.16 yesterday. Therefore, we assume DOGE/USD is now ready to test further upside again.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 0.5 percent, while Ethereum 4 percent. Meanwhile, Dogecoin (DOGE) is among the top performers, with a gain of over 10 percent.
Dogecoin price movement in the last 24 hours: Dogecoin rejects further downside at $0.16, starts to move higher
DOGE/USD traded in a range of $0.1623 – $0.1749, indicating substantial volatility in the market. Trading volume has exceeded 1 billion again, increasing by 16.55 percent. Meanwhile, the total market cap trades around $23.1 billion, ranking the coin in 12th place overall.
DOGE/USD 4-hour chart: DOGE prepares to push higher?
On the 4-hour chart, we can see the Dogecoin price slowly regaining momentum this morning, likely leading to the $0.18 resistance next.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin price action has seen a strong spike higher this week after setting a lower low above $0.15 on the 13th of December. A day later, DOGE/USD briefly tested the $0.22 mark, with strong retracement seen immediately.
The $0.18 mark initially prevented further downside. However, by the 15th of December, further lows were reached. More downside followed over the following days until a quick spike to $0.15 was seen yesterday.
Since further downside was rejected and the Dogecoin price started pushing higher again, we could be seeing a new major swing low finally set. Therefore, DOGE/USD could see a strong push higher over the next 24 hours.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish today as we saw further downside rejected yesterday above $0.16. Since then, DOGE/USD has slowly gained upside momentum, likely leading above $0.18 resistance later today.