DOGE recorded a 21 percent drop in trading volumes to a total $6.4 billion. Our dogecoin price analysis is bullish today The market rank for the me me coin stands at number 7
General price overview
According to today’s bullish dogecoin price analysis, It is probable that Dogecoin will continue its uptrend today. The price dropped below $0.31 resistance which means it could have touched the $0.29 support any time after the decline. However, the bulls came to the rescue and the downswing bounced back above $0.32 in the early morning hours.
In summary, we expect Dogecoin’s uptrend to continue and retrace itself at around $0.33 after touching a previous high at a similar momentum.
The general blockchain market is undergoing a wild run this year after several sub-sectors are posting record fresh highs, namely decentralized finance, non-fungible tokens, two-layered scaling solutions and meme coins such as DOGE.
Overall perfomance of the cryptocurrency market include a 3.09 percent and 4.71 percent loss for both Bitcoin and Ethereum respectively in the last 24 hours. Solana became the best gainer of the day after recording a 25 percent gain on the 24-hour chart.
A price action that saw the scaling solution hit its all-time high at $70. XRP became the worst performer after shedding 9.08 percent of its value. Other altcoins such as ADA and BNB recorded minimal losses of up to 1 percent.
Dogecoin price movement in the last 24 hours
According to the 24-hour dogecoin price analysis, DOGE recorded a 21 percent drop in trading volumes to a total $6.4 billion. Furthermore, the market capitalization went down by 3.20 percent in the last 24 hours to a total of $43.18 billion. The market rank for the meme coin stands at number 7 among the top ten cryptocurrencies by market capitalization.
Today’s daily high stands at $0.3300 while the daily low stands at $0.3052. Quite a tight range, which suggests moderate volatility over the 24-hour chart.
We can observe that the dogecoin price analysis on the 4-hour chart is tracing a continuation path that is most likely to lead the meme coin towards a fresh daily high. However, the bears seem to be reappearing on the 1-hour chart and could be holding the price hostage at $0.3266. After setting low gains for the past months, Dogecoin managed to sustain substantial growth since the start of August and rallied over 100 percent to $0.33.
Meanwhile, the bears will have a hard time pulling the price backwards and there are high chances of consolidating fresh highs on the 5-day chart. The likely target is $0.45 that we should observe in the course of the week. Technicals are highly biased to the advantage of the bulls, which also makes today’s dogecoin price analysis bullish.
Our dogecoin price analysis is bullish today as we expect the coin to bounce above the $0.30 resistance and trace a continuation channel towards a fresh intraday high. The bulls are working against the clock in pushing the price action towards the all time high and it will be no time until the coin regains the 50 dollar cents support.