Dogecoin price analysis: Dogecoin builds support above $0.30, prepares to break $0.35?

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  • DOGE moved lower last week.
  • Closest resistance at $0.35.
  • Closest support at $0.30. 

Dogecoin price analysis is bullish for today as the $0.30 mark was retested for the second time in the past week yesterday. Therefore, we can assume that bulls are ready to push DOGE/USD higher next week to break the $0.35 current swing high.

Dogecoin price analysis: Dogecoin builds support above $0.30, prepares to break $0.35? 1
Cryptocurrency heat map. Source: Coin360

The crypto market has seen mixed performance over the last 24 hours. Bitcoin has gained 3.8 percent, while Ethereum trades flat. Rest of the cryptocurrency market has traded with similar mixed results with low volatility.

Dogecoin price movement in the last 24 hours

DOGE/USD traded in a range of $0.3079 – $0.3193, indicating a mild volatility. Trading volume has decreased by 40.52 percent and totals $1.15 billion. The total market cap stands at $41.5 billion, ranking the cryptocurrency in 6th place overall.

DOGE/USD 4-hour chart – DOGE rebounds from $0.30

On the 4-hour chart, we can see DOGE/USD preparing to rally after retesting the $0.30 support for the second time.

Dogecoin price analysis: Dogecoin builds support above $0.30, prepares to break $0.35?
DOGE/USD 4-hour chart. Source: TradingView

The overall market price action is still bearish. However, lower lows have not been set for several weeks, indicating that bulls are building momentum to push higher later this month.

Therefore, DOGE/USD currently trades in an increasingly tighter range, with the last major resistance at $0.44 and support at $0.30.Additional minor resistance is seen at the $0.35 mark, meaning that it would serve as the first sign of trend reversal once broken.

Once the $0.35 mark breaks, we can start to look for an entry opportunity, with the expectation that the next resistance at $0.44 will be broken. From there, the overall market sentiment will turn very bullish again and we can expect to see another strong rally towards the previous all-time high.

Alternatively, if the $0.30 mark breaks we can expect further downside later this month. Closest support is located at the $0.28 mark, and it could serve as the last support before a much more serious move lower.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish as the $0.30 mark was retested for the second time overnight and bulls are currently starting to push Dogecoin higher. This should lead towards breakout above the $0.35 mark, after which DOGE will see a strong rally to the $44 previous major swing high.

While waiting for further Dogecoin price action development, how to trade Bitcoin, cash out, and  buy Bitcoin stock.

Source: cryptopolitan.com

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