Dogecoin price analysis is bullish today as we have seen support found at $0.0595, meaning that a higher low is set. Therefore, DOGE/USD is ready to continue even higher and look to finally break the $0.065 major resistance later in September.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.09 percent, while Ethereum over 1.7 percent. Meanwhile, the rest of the market has traded with similar bearish results.
Dogecoin price movement in the last 24 hours: Dogecoin looks to reverse
DOGE/USD traded in a range of $0.05952 to $0.06133, indicating mild volatility over the last 24 hours. Trading volume has increased by 1.15 percent, totaling $413.13 million, while the total market cap trades around $8.11 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to reverse?
On the 4-hour chart, we can see bullish momentum returning over the day, indicating that further recovery will follow overnight.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin price action has seen sideways consolidation earlier this month as the $0.065 resistance prevented further upside after several days of strong bullish momentum. After failure to move higher on Monday, DOGE/USD began to lose its buying pressure.
As a result, DOGE saw increasing selling pressure during the middle of yesterday, leading to a quick spike below $0.0625. Further 6 percent loss followed below $0.06 next support, with a new low set at $0.0595.
Since then, Dogecoin price action has reversed and moved back above $0.061. If the momentum keeps going overnight, we expect DOGE/USD to retest previous highs by the end of the week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen clear higher low set and reversal signals during the day. Therefore, DOGE/USD is ready to continue even higher and look to set another swing high.