Dogecoin Price Analysis: DOGE persists on testing $0.175 resistance, break higher to follow?

TL;DR Breakdown

Dogecoin price analysis is bullish today.
DOGE/USD continues to trade below $0.175 resistance.
Next resistance at $0.185.

Dogecoin price analysis is bullish today as we expect break higher above the $0.175 resistance to follow. Since DOGE/USD did not see further downside earlier, we assume bulls are still in control.

Dogecoin Price Analysis: DOGE persists on testing $0.175 resistance, break higher to follow? 1 — Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, is down by 0.17 percent, while Ethereum has gained 1.95 percent. Meanwhile, Dogecoin (DOGE) trades with a small loss of 0.31 percent.

Dogecoin price movement in the last 24 hours: Dogecoin continued to consolidate below $0.175

DOGE/USD traded in a range of $0.1714 – $0.176, indicating mild volatility over the last 24 hours. Trading volume has increased by 17.79 percent, totaling $416.45 million, while the total market cap trades around $22.8 billion, ranking the coin in 12th place overall.

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

On the 4-hour chart, we can see the Dogecoin price still testing the $0.175 resistance as bulls refuse to give up before a breakout is seen.

Dogecoin Price Analysis: DOGE persists on testing $0.175 resistance, break higher to follow? — DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price saw a strong decline last week after a new swing high was set around $0.195. From there, a lower high got established on the 27th of December, before a selloff began.

Over the following days, DOGE/USD lost around 13 percent to the $0.165 mark, where a reaction higher was seen. Doge reacted to $0.175 on Thursday, establishing local resistance.

Since then, the Dogecoin price has consolidated below this resistance, with several attempts to break higher rejected. However, considering that the trading range has become very narrow, we expect DOGE/USD to break higher and reclaim the loss seen early last week.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bullish today as we expect a break higher to follow after more tests of the $0.175 resistance. Since DOGE/USD has not seen reaction lower, we expect the resistance to finally be broken.

While waiting for Dogecoin to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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-2022-01-03/