Dogecoin price analysis: DOGE slowly bounces from $0.058, further upside overnight?

Dogecoin price analysis is bullish today as we expect further upside to follow after a bounce from the $0.058 support was seen overnight. Likely, DOGE/USD will rally even further and look to move back above $0.06.

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.6 percent, while Ethereum by 5.43 percent. Meanwhile, the rest of the market saw mostly slight decline with few exceptions.

Dogecoin price movement in the last 24 hours: Dogecoin continued to decline

DOGE/USD traded in a range of $0.05845 to $0.06006, indicating mild volatility over the last 24 hours. Trading volume has declined by 24.2 percent, totaling $255 million, while the total market cap trades around $7.88 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE looks to return higher?

The 4-hour chart shows quick retrace and rejection for downside below $0.06, indicating that further retrace will follow overnight.

Dogecoin price analysis: DOGE bounces from $0.058, further upside overnight? — DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong selling pressure over the past days. After several day consolidation below $0.065, DOGE/USD quickly started to push lower past the $0.0625 support.

Initial support was found at $0.0595, with a slight reaction higher to $0.061 playing out during the middle of the week. Further selling continued yesterday, this time to the $0.058 support, where the previous major swing low was set.

Since then, Dogecoin price has reacted higher to $0.06 resistance, with a slight retest of downside seen over the last hours. Likely this means that DOGE/USD is ready to rally even further and break above the $0.06 resistance.

Dogecoin price analysis: Conclusion

Dogecoin price analysis is bullish today as we have seen reaction higher from the $0.058 support and another local higher low set over the past hours. Therefore, DOGE/USD is ready to continue higher and retrace even more over the next 24 hours.

While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-09-17/