Dogecoin Price Analysis: DOGE slowly consolidates above $0.20, set for another upside test?

Dogecoin price analysis indicates bullish momentum to follow later this week as a consolidation area around $0.20 was established over the last 24 hours. Therefore, we are likely to see DOGE spike higher and set a lower swing high below $0.23 and move lower from there later next month.

Dogecoin Price Analysis: DOGE slowly consolidates above $0.20, set for another upside test? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades with a slight bullish momentum over the last 24 hours. Bitcoin is up by 2 percent, while Ethereum by 2.8 percent. Solana (SOL) is among the best performers, with a gain of 8.57 percent.

Dogecoin price movement in the last 24 hours: Dogecoin consolidates above $0.20

DOGE/USD traded in a range of $0.202 – $0.2085, indicating a low volatility price movement over the last 24 hours. Trading volume has decreased by almost 40 percent and totals $1.27 billion, while the total market capitalization trades around $26.6 billion.

DOGE/USD 4-hour chart: DOGE ready for a final push higher?

On the 4-hour chart, we can see the Dogecoin price establishing a consolidation above $0.20 as bulls prepare for one last push higher.

Dogecoin Price Analysis: DOGE consolidates above $0.20, set for another upside test?
DOGE/USD 4-hour chart. Source: TradingVie

Dogecoin price has rallied by more than 40 percent over the past week. After establishing another lower low around the $0.16 mark on the 20th of July, DOGE/USD reversed and spiked to the $0.215 mark initially.

After some retracement back below $0.20, Dogecoin consolidated for several days until another spike higher was seen on the 26th of July. This time the next resistance at $0.23 was reached, and an equally strong retracement was set a couple of hours later that retested the $0.23 mark as support.

From there, Dogecoin started to consolidate once again as bulls prepare for another push higher later this week. Therefore, we are bullish for DOGE/USD and expect bulls to retest the 0.23 mark next.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis indicates bullish price action to follow later today as a new higher low is set around the $0.20 mark. However, when considering the previous price action development, we expect DOGE/USD to move higher and spike to the previous swing high of $0.23 again.

While waiting for Dogecoin to move higher, read our guides on Bitcoin fees, DeFi advantages, as well as what can you buy with Bitcoin.

News Source