Dogecoin price analysis: DOGE swiftly attempts to break $0.061, further upside overnight?

25 October 2022

in DOGE

Reading Time: 3 mins read

Dogecoin price analysis is bullish today as we have seen strong advances throughout the day and a strongest of the $0.061 mark. Therefore, DOGE/USD will likely break even higher and look to push towards 0.063 resistance next.

Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2 percent, while Ethereum by 4.51 percent. Meanwhile, Solana (SOL) and Cardano (ADA) were the day’s top performers, with 6.5 and 5 percent gains.

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Dogecoin price movement in the last 24 hours: Dogecoin bounced higher again

DOGE/USD traded in a range of $0.05907 to $0.06145, indicating substantial volatility over the last 24 hours. Trading volume has increased by 8.65 totaling $261.58 million, while the total market cap traded around $8.12 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE breaks $0.061

On the 4-hour chart, we can see a strong push above $0.061, likely leading much higher overnight, with the next target at $0.063.

Dogecoin price analysis: DOGE swiftly attempts to break $0.061, further upside overnight? — DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen sideways movement for the past weeks with clear resistance around $0.061. Despite several failures to move higher, DOGE/USD could not continue higher, and the last spike lower on Friday was quickly rejected.

As a result, further consolidation followed with another test of the $0.061 resistance. From there, DOGE saw another higher local low before the current push higher began.

This time, Dogecoin price action spiked strongly above $0.061 resistance, leading towards $0.062 and indicating that consolidation is over. Likely this will lead towards a lot more upside over the next days, potentially with a small retrace first.

Dogecoin price analysis: Conclusion

Dogecoin price analysis is bullish today as we have seen a strong break past the $0.061 resistance, which clearly signals consolidation is over. Therefore, we expect DOGE/USD to continue even higher over the next days and finally reverse the several-week decline.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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.