Dogecoin Price Analysis: DOGE rejects further downside at $0.15, market prepares to retrace?

TL;DR Breakdown

• Dogecoin price analysis is bullish today.
• DOGE/USD set higher low yesterday.
• Upside tested again overnight.

Dogecoin price analysis is bullish today as we expect further recovery for the market after a higher low was set at $0.15. Likely, DOGE/USD is ready to retrace even higher, with the next resistance seen at $0.166 previous support.

The cryptocurrency market has traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 0.37  and 0.52 percent,  while the top altcoins were slightly in the green. Dogecoin (DOGE) traded relatively strongly, with a gain of around 2.2 percent.

Dogecoin price movement in the last 24 hours: Dogecoin finds higher low, moves higher

DOGE/USD traded in a range of $0.1515 – $0.1577, indicating substantial volatility over the last 24 hours. Trading volume has declined by 17.95 percent, totaling $679 million. Meanwhile, the total market cap traded around $20.88 billion, ranking the coin in 12th place overall.

DOGE/USD 4-hour chart: DOGE heading higher again?

On the 4-hour chart, we can see recovery for the Dogecoin price overnight, likely as bulls prepare to retrace further.

Dogecoin price action saw several days of consolidation at the beginning of the year. After another slow retracement to $0.166 support, bears finally pushed DOGE/USD lower on the 5th of January.

Dogecoin quickly lost around 13 percent until support was found at 0.147. From there, reaction higher quickly followed to $0.162, setting local high.

Since then, the Dogecoin price action has retested previous support, setting higher low and rejecting more downside. Therefore, a swing low has been set, and we can expect more retracement to follow over the next days, likely to the $0.166 previous resistance.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish today as a higher low was set yesterday, leading to a return to $0.16 resistance. Likely, DOGE/USD will consolidate some more before a break higher is seen.

While waiting for Dogecoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.