Dogecoin’s (DOGE), price is bullish, with $0.06 support holding its position and potentially reversing the market overnight.
- DOGE price analysis shows bullish momentum
- DOGE price up by 2.55%
- Dogecoin unable to hover lower as observed in the past few hours
Doge/USD may revert, offshoot $0.0625 resistance and rise in the following days.
The general crypto market isn’t looking good and has been stuck in the red zone for the past 24 hours as a result of the increased selling activity.
Bitcoin clearly fell by 1.87%, while Ethereum lost 0.86.
Dogecoin Trading Volume Up 7.66%
Based on CoinMarketCapAs of writing, DOGE is trading at $0.06196 or up by 2.43%.
DOGE has been somewhat volatile over the last 24 hours. Dogecoin has seen a 7.66% increase in trading volume, and the market capitalization stands at around $8.14 billion. This makes DOGE the 10th most traded cryptocurrency.ThLargest crypto by market capital
DoGE shows minimal selling pressure
DOGE’s 4-hour chart shows minimal selling pressure and activity, which suggests that Dogecoin could revert to $0.0625.
Although the DOGE has been falling for the last few days, sellers have lost the same aggressiveness that they once displayed and are now only at a fraction of their former lows.
Following DOGE’s recent spike, Dogecoin tested the key support at $0.060 support. Doge price action is in decline and cannot fall below $0.060. This implies that DOGE may be entering a double bottom.
Bullish movements should resume to recover losses from the week before.
The DOGE market analysis is bullish, as it shows inability to push lower once it’s tested the $0.060 support line.
Doge/USD might move higher, retracing to the $0.065 support zone that was previously set.
DOGE market capital at $8.27 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from The Motley Fool. Chart from TradingView.com