Home Cryptocurrency Dogecoin price analysis: Dogecoin established a low above $0.28, ready to break above $0.30?

Dogecoin price analysis: Dogecoin established a low above $0.28, ready to break above $0.30?

by Gordon James

Currently, the market is invested in the dogecoin price which demonstrated a minor upward movement of around 2.5% within the past 24 hours. The coin has been trading sideways since May 13th as it was unable to break above the support level of $0.3. The price has fluctuated between $0.28 and $0.3, with the weekend taking out the strong support level at $0.28. However, the current upward price movement was accompanied by a high volume of trades which indicates strong bullish momentum.

The Dogecoin price has been in a downward trend since mid-May and appears to be heading towards a broad recovery. Dogecoin price is trading at $0.28, which is a slight rise from the $0.27 low we saw earlier today.

Summary of the situation

  • DOGE went down yesterday.
  • Support is at $0.28.
  • The bulls are getting ready to push the DOGE higher.

Dogecoin price analysis for today is bullish as the market consolidated overnight after finding support around $0.28. Therefore, we expect the DOGE/USD to strengthen today and try to retest the $0.335 level.

4 hours chart of DOGE/USD. Source: TradingView

If we look at the performance of the Dogecoin price in recent weeks, we can see that the bears have run wild after a very sharp drop from the $0.73 level in May. Initial support was found at $0.21, resulting in a quick rebound to the upside.

Dogecoin eventually found solid support at $0.28 and climbed to $0.45, making a final major high. The DOGE/USD pair then fell for over 2 weeks before retesting the $0.28 level.

Therefore, we can assume that the $0.28 support is still holding and the bulls are regaining control of the market. Once local resistance at $0.30 is broken, we will see many more gains in Dogecoin.

Otherwise, if the $0.28 level does not hold, we can expect Dogecoin to trade lower again in the next 24 hours and dive to the previous major low of $0.21.

Dogecoin Price Analysis: Supplement

Dogecoin price analysis is bullish as the market reached the previous support around $0.28 yesterday and stopped the downward movement. This means that we should see the DOGE/USD break above the $0.30 resistance level in the next 24 hours.

While we wait for more Dogecoin price moves, read our latest guides on Chinese miners, as well as Cardano’s bet and how to cash out bitcoins.

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