Today’s Dogecoin price analysis is bullish. The DOGE/USD exchange rate is currently $0.26. Today, more upside is likely to be tested.
The Dogecoin price is still rising today, as we saw a higher low set at $0.25 yesterday, resulting in a consolidation above the support level. As a result, we expect DOGE/USD to rise further over the next 24 hours.
According to the most recent Dogecoin price analysis, there is a chance that the Dogecoin price will continue to rise today as a result of a consolidation pattern that appeared on Tuesday. As shown in the chart below, this consolidation pattern has been in place for two days and is still in place. We can also see that DOGE/USD has been gradually rising over the last three days since the drop at $0.27, and it is on the verge of making another higher low.
As previously stated, we anticipate further upside due to the higher low, which was set at $0.25 yesterday, after DOGE/USD consolidated around this level for the second time in two days. Thanks to a strong uptrend on Wednesday, the price is now trading around $0.28.
Furthermore, a pennant pattern has formed on the 4-hour chart, and we expect DOGE/USD to break above the $0.30 level as a result of this formation. As a result, we can expect more upside today as we aim for resistance levels at $0.30 and $0.32.
However, we anticipate more downside movement over the next 24 hours as Dogecoin consolidates before resuming its upward trend. This implies that DOGE/BTC will likely fall further, causing DOGE/USD to fall slightly.
DOGE/USD 4-hour chart: Will the DOGE test the upside next?
The Dogecoin price chart shows that today’s activity has consolidated, indicating that bulls are likely to make another push higher.
This week, the price of Dogecoin has been trending downward. DOGE/USD found support at $0.25 in early November, following a significant increase to $0.34 on October 28th.
DOGE’s price rose to a new all-time high of $0.2973 on Monday, indicating a strong test of the upside. Following that, the cryptocurrency reversed course, returning to the $0.25 support level and briefly exceeding it on November 10th.
Dogecoin’s price action has since established a series of lower highs. However, the $0.25 level yesterday prevented the price from falling any further, implying consolidation in a narrower range. As a result, we expect DOGE/USD to make another attempt to gain ground over the weekend or to consolidate around current levels.
The DOGE/USD currency pair is currently on the rise as the DOGE-1 moon mission approaches.
Dogecoin Price Analysis: Final Thoughts
The DOGE/USD exchange rate is currently $0.26. Today, more upside is likely to be tested. The Dogecoin price is still rising today, as we saw a higher low set at $0.25 yesterday, resulting in a consolidation above the support level. As a result, we expect DOGE/USD to rise further over the next 24 hours.