After a break below the $0.23 support was noticed overnight, Dogecoin price analysis suggests that bearish momentum will continue. As a result, we expect DOGE/USD to drop further and target the $0.215 support later today.
Intraday resistance is seen around $0.235, and a break above will signal bullish momentum and likely lead to an attempt on the $0.25 level, opening the next floor from here.
Bulls might have been hopeful of a return in Dogecoin price when they saw a decent support area is formed, starting from yesterday’s high low. However, the break below $0.23 has invalidated this and confirmed that bearish momentum is in play within a more significant downtrend for DOGE/USD.
We can see bearish momentum continuing to push the Dogecoin price lower on the 4-hour chart, suggesting that it will likely fall to $0.215 in the near future.
The price of Dogecoin has been oscillating. After a promising start to October, DOGE/USD climbed from $0.195 to $0.27 over the week but reversed.
Following a drop of roughly $0.25 on the 6th of October, further downside ensued over the following days. On Sunday, after several attempts to defend at $0.25 as resistance, DOGE began to fall.
The $0.23 mark managed to provide a little assistance at first. However, after some reaction higher, Dogecoin’s price fell yesterday further, resulting in a break beneath $0.23 support overnight. Since then, the DOGE/USD pair has continued to fall, suggesting that the next resistance level will be $0.215, which was the bottom of the range for July before it began to fall.
We can see that an almost perfect symmetrical triangle is forming on the 1-day time frame for Dogecoin. This suggests that we should see a break soon, and the likelihood is that we will see this move to the downside.
Dogecoin price analysis suggests that bearish momentum will continue. As a result, our next support is at $0.215, and anything below this brings $0.20 into play. A break above $0.23 would be welcomed by the bulls, but an unsuccessful break, followed by continued downwards pressure, could see $0.2250
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on October 13, 2021 4:19 pm
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