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Dogecoin price analysis: DOGE rejects further upside, spikes below $0.06

Dogecoin Price analysis 2022 09 06
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD rejected upside yesterday.
  • Previous support at $0.06 is currently tested.

Dogecoin price analysis is bearish today as we have seen strong rejection above the $0.064 resistance yesterday and a quick decline over the past hours. Since no reaction higher has followed, we expect DOGE/USD to continue even lower and look to test further downside overnight.

Dogecoin price analysis: DOGE rejects further upside, spikes below $0.06 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.76 percent, while Ethereum lost 0.6 percent. The rest of the market followed close by.

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

DOGE/USD traded in a range of $0.05966 to $0.06464,  indicating strong volatility over the last 24 hours. Trading volume has increased by  77.65 percent, totaling $405.23 million, while the total market cap trades around $8 billion, ranking the coin in 10th place overall.

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DOGE/USD 4-hour chart: DOGE breaking past $0.06

On the 4-hour chart, we can see Dogecoin price rapidly pushing lower over the past hours, likely leading to more downside overnight.

Dogecoin price analysis: DOGE rejects further upside, spikes below $0.06
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded within consolidation area for the past days as the $0.064 resistance was found after the previous wave lower. Additionally, support at $0.06 was retested at the beginning of September, indicating that reversal could soon begin.

However, after several attempts to break above $0.064 resistance, DOGE/USD saw further sideways momentum. After another higher local low was set early yesterday, bullish momentum returned overnight.

Dogecoin price did break higher this time, leading to a quick spike to $0.065. Further upside could not be sustained, immediately leading DOGE/USD back lower and past the previous low. Since then,  the $0.06 major support is being tested, indicating that break even lower cloud follow over the rest of the week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a strong reversal and drop below $0.06. Therefore, selling should continue overnight as the $0.058 next support is targeted next. 

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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