The Dogecoin community is happy with the recent price breakout, in which Dogecoin saw a dramatic price increase that left it trading at a $0.25 premium over the worldcoin rate. Dogecoin has been trading at its new high for several days, and looks ready to continue its uptrend, which has been strong throughout this year. The uptrend will likely be sustained as the community finds itself in a unique situation: the price of Dogecoin has been rising rapidly over the past several months, yet there is no sign of the coin’s value saturating or failing in any significant way.
On August 20, Dogecoin (DOGE) price reached a new all-time high at $0.25. The momentum has picked up in the past few sessions, which should encourage investors to keep a close eye on Dogecoin’s upcoming price action.
The Dogecoin price has been on a tear of late, breaking above $0.25 at the time of writing this. This is following on from the previous week’s 24% rise in the price of the coin, which saw it break above $0.20. The gains have been positive and steady, and with the current consolidation in place, it is likely that the price of Dogecoin will continue to climb.. Read more about price of dogecoin today and let us know what you think.Summary of the situation
- DOGE went through a consolidation yesterday.
- A spike of over $0.25 last night.
- The next target is $0.29.
The Dogecoin price analysis for today is bullish, as the market rose above $0.25 last night and is currently building support from where it can bounce for more gains today. Therefore, we expect DOGE/USD to rise in the next 24 hours and try to break through the next resistance at $0.29.
Overall, the market has shown a downward trend in recent weeks. After peaking around $0.44 in early June, the DOGE/USD pair has fallen by more than 60% to find support at $0.165.
The dogecoin then began to rise again to recoup some of its losses. Resistance was met at $0.29 late last week, meaning previous support is now acting as strong resistance. Therefore, before the price of Dogecoin continues to rise, the market needs to establish another higher peak.
Given the price action over the past 24 hours, we could see a rebound in the near future. As long as current support at $0.25 is maintained, DOGE/USD should continue to rise over the course of the week, with the next major price target at $0.335-0.35.
Dogecoin Price Analysis: Supplement
The dogecoin price analysis is bullish as we can see that DOGE/USD has formed a base today from which it will move lower in the coming days. This price action trend should take the DOGE/USD to a new high above $0.29.
In anticipation of the new rise of Dogecoin, read our guides on the benefits of DeFi, bitcoin commissions and what you can buy with bitcoin.
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