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Dogecoin price analysis: DOGE sets double top at $0.067, looks to retrace further?

Dogecoin Price analysis 2022 10 06
TL;DR Breakdown
  • Dogecoin price analysis is bearish today.
  • DOGE/USD failed to move higher.
  • Selling pressure seen since morning.

Dogecoin price analysis is bearish today as we have seen a retest of $0.067, meaning a clear double top set. Therefore, DOGE/USD should continue lower later in the week and look to retrace even further.

Dogecoin price analysis: DOGE sets double top at $0.067, looks to retrace further? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.56 percent, while Ethereum gained 1.69. Meanwhile, the rest of the market saw mixed results with low volatility.

Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher

DOGE/USD traded in a range of $0.064 to $0.06662, indicating mild volatility over the last 24 hours. Trading volume has declined by 57.66 percent, totaling $434.5 million, while the total market cap traded around $8.5 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE targets $0.063 next?

On the 4-hour chart, we can see selling pressure returning, likely leading Dogecoin price to retrace even further tomorrow.

Dogecoin price analysis: DOGE sets double top at $0.067, looks to retrace further?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action saw strong consolidation last week, with support found around $0.059. Reversal did not follow immediately, leading DOGE/USD to retest the $0.059 mark at the end of the last week.

From there, a steady move higher was seen until the $0.061 mark. Once DOGE moved above it, a massive spike higher was seen on Tuesday, quickly leading towards a strong higher high at $0.067.

Reaction higher followed yesterday, with no substantial downside tested. As a result, Dogecoin price pushed higher once again to retest the $0.067 resistance, where another reversal was seen later today. This means that DOGE/USD is likely ready to retrace even further later in the weekend and retrace even further.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen another rejection at $0.067 resistance and strong selling over the past hours. Therefore, DOGE/USD likely will continue retracing over the next 24 hours to set even deeper higher low.

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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