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Dogecoin price analysis: DOGE slowly continues sideways at $0.067, spike lower incoming?

Dogecoin Price analysis 2022 08 04
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD continued to consolidate.
  • Further local lower lows are currently set.

Dogecoin price analysis is bearish today as we have seen strong consolidation around $0.067 after further decline earlier this week. Since DOGE/USD has still not shown any signs of reversal, we assume that further selling will continue later in the week.

Dogecoin price analysis: DOGE slowly continues sideways at $0.067, spike lower incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, has lost 3.73 percent, while Ethereum by 4.16 percent. The rest of the top altcoins have followed closely, with Dogecoin holding with just a 2.49 percent loss.

Dogecoin price movement in the last 24 hours: Dogecoin fails to recover

DOGE/USD traded in a range of $0.0659 to $0.06809, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.15 percent, totaling $255.6 million, while the total market cap trades around $8.88 billion, ranking the coin in 11th place overall.

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DOGE/USD 4-hour chart: DOGE set to break below $0.065?

On the 4-hour chart, we can see the Dogecoin price action trading indecisively. However, considering previous price action, we expect another push lower to follow overnight.

Dogecoin price analysis: DOGE continues sideways at $0.067, spike lower incoming?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with a slow selling pressure over the past days after a strong reaction at the $0.0745 mark, where a lower swing high was set. After several tests of $0.069 support, DOGE/USD broke lower, swiftly reaching the next support at $0.066.

From there, consolidation began after a slight reaction higher. Several attempts lower have already been seen with low momentum, while lower local highs were set.

Therefore, the market is in indecision on where to go next. However, considering the previous Dogecoin price action, we expect another lower push to follow soon.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish as we have seen some support at $0.066 while further lower local highs were set over the last 24 hours. Likely this means that DOGE/USD is building up the momentum for another spike lower, with the next target at $0.0625.

While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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