Dogecoin price analysis: DOGE slowly pivots below $0.061, looks to continue lower?

Dogecoin Price analysis 2022 09 29

TL;DR Breakdown

  • Dogecoin price analysis is bearish.
  • DOGE/USD reacted to $0.061 yesterday.
  • Steady selling pressure returned this morning.

Dogecoin price analysis is bearish today as we have seen a slight reaction higher and a strong lower high set at $0.061. From there, DOGE/USD has slowly moved lower again, indicating that further selling should follow overnight.

Dogecoin price analysis: DOGE slowly pivots below $0.061, looks to continue lower? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the past day. The leader, Bitcoin, lost 0.65 percent, while Ethereum gained 0.1 percent. The rest of the market traded with similar results as no clear direction was seen.

Dogecoin price movement in the last 24 hours: Dogecoin retraces to set lower high again

DOGE/USD traded in a range of $0.05942 to $0.06104, indicating mild volatility over the last 24 hours. Trading volume has declined by 21.88 percent, totaling $226.35 million, while the total market cap traded around $7.98 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE tests $0.06 support

On the 4-hour chart, we can see Dogecoin price action declining once again, likely as sellers look to reach further downside over the next 24 hours.

Dogecoin price analysis: DOGE pivots below $0.061, looks to continue lower?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bearish momentum ever since a new major swing high was set at $0.068 on Saturday. From there, DOGE/USD started to rapidly decline for several days until the first support level was found at $0.06.

Quick reaction higher followed to $0.063 before another wave lower followed. This time, DOGE spiked to $0.0585, setting another substantial lower local low overnight. Another reaction higher followed immediately, with the $0.061 mark acting as resistance.

Dogecoin moved into consolidation overnight, slowly leading to another lower high set and selling pressure returning. Most likely, DOGE/USD will continue even lower as a result and look to break towards the $0.058 support.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today, as we have seen a lower local high set again after a quick reaction from the $0.059 previous low. DOGE/USD will likely continue even lower as a result, and look to test further lows later in the week.

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

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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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