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Dogecoin price analysis: DOGE continues retracement, swiftly targets $0.061 next?

Dogecoin Price analysis 2022 09 25
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD started to retrace yesterday.
  • Spike lower seen over the last hours.

Dogecoin price analysis is bearish today, as we have seen further retrace and break past $0.0625 support. Therefore, we expect further decline later today, with the next target being the $0.061 mark.

Dogecoin price analysis: DOGE continues retracement, swiftly targets $0.061 next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.48 percent, while Ethereum 2 percent. Meanwhile, Dogecoin (DOGE) was the worst performer, with over 5.43 percent loss.

Dogecoin price movement in the last 24 hours: Dogecoin failed to reverse at $0.0625

DOGE/USD traded in a range of $0.06178 to $0.06571, indicating strong volatility over the last 24 hours. Trading volume has declined by 64 percent, totaling $408.46 million, while the total market cap trades around $8.265 billion, ranking the coin in 10th place.

DOGE/USD 4-hour chart: DOGE targets $0.061 next?

On the 4-hour chart, we can see a quick reaction back to $0.0625 over the last hours, likely as sellers take a pause before another push lower overnight.

Dogecoin price analysis: DOGE continues retracement, targets $0.061 next?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen strong bullish momentum for most of the week. From the last support at $0.056, DOGE/USD rallied over 20 percent to $0.068, which means that a strong higher high was set.

Therefore, bulls have finally made a strong signal that the overall several month retrace might soon end. If we see a strong higher low set next week, another strong rally should follow, potentially leading above $0.07 by the end of September.

As a result, Dogecoin price action is expected to see further decline overnight. Since the $0.0625 support has already been broken, we expect DOGE/USD to soon drop towards the $0.061 and $0.06 levels. From there, reversal should follow later next week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen further support levels broken over the last 24 hours without a significant reaction higher. Likely, DOGE/USD will continue even lower overnight as a deeper retrace is needed after the previous major upswing. 

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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