DOGE/USD bullish for the next 24 hours

TL;DR Breakdown

• Dogecoin price analysis is bullish today.
• DOGE/USD set higher low yesterday.
• Dogeusd is currently trading at $0.1524.

According to our Dogecoin price analysis, we expect Dogecoin’s price to rise further following the formation of a higher low at $0.15. DOGE/USD is likely to retrace even farther, with the next resistance expected at $0.166 and the previous support level.

Dogecoin is a meme coin, and its price is moving as such. Last week we saw Dogecoin rise to $0.2075 on the back of a bullish engulfing pattern, but its recovery was short-lived as it fell once more yesterday, following our Dogecoin price prediction. Today, however, Doge is bullish, with its price rising.

According to our Dogecoin price analysis, we expect Dogecoin to rise further following the formation of a higher low at $0.15. DOGE/USD is likely to retrace even farther, with the next resistance expected at $0.166 and the previous support level.

Dogecoin price movement in the last 24 hours: Dogecoin set to break past the daily resistance

The formation of a higher low at $0.15 catalyzed Dogecoin’s bullish sentiment today. A higher low form when a cryptocurrency falls to a certain level rebounds up from the said level and then sets its foot down on that level before continuing its rise. In Dogecoin’s case, its higher low is at $0.15, where it is currently trading, although with a slight resistance to overcome at this level.

The greater the distance between the two lows (in this case, $0.20 and $0.15), the stronger the bullish sentiment becomes in Dogecoin’s price analysis. Also indicative of this is the bullish breakout pattern formed yesterday, following Dogecoin’s fall to $0.125.

DOGE/USD 4-hour chart: DOGE on rising

On the 4-hour chart, Dogecoin shows signs of rising again today, following the formation of a bullish breakout pattern yesterday and a higher low at $0.15. This may drive DOGE/USD towards $0.17 in the near term, where we expect more resistance to be found.

Dogecoin’s price analysis is bullish, and the RSI has moved in favor of sellers. As mentioned, we currently expect Doge to reach $0.17, where it may find resistance provided by Fibonacci retracement levels. These are support-turned-resistance following a big move in the asset’s price after it breached the support level.

Doge has been on a wild ride in the past week, and we expect this to continue following its meteoric rise to $0.2075 last week before it fell back down again when bitcoin’s price retraced. Dogecoin price prediction is bullish as long as it stays above $0.15, and we expect the market to move even higher following its current recovery.

Technicals suggest a bullish day for Doge, forming a higher low at $0.15 followed by yesterday’s bullish breakout pattern. The RSI has moved in favor of sellers today, while the price action is moving to provide favorable conditions for buyers.

Dogecoin Price Analysis: Conclusion 

According to our technical analysis, dogecoin price analysis is bullish today, but we expect DOGE/USD to find resistance at $0.17. Although a higher low is formed at $0.15, a bullish breakout pattern was formed the other day, and the RSI moved in favor of buyers yesterday, all indicating a bullish trend today.

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