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Dogecoin price analysis: DOGE swiftly retraces, finds support at $0.061

Dogecoin Price analysis 2022 10 08

Dogecoin price analysis is bullish today as we have seen a strong decline and clear support found above $0.061. Since then, DOGE/USD has slowly consolidated as bulls prepare to take over the momentum later in the weekend.

Dogecoin price analysis: DOGE swiftly retraces, finds support at $0.061 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.3 percent, while Ethereum 0.16 percent. Meanwhile, Ripple (XRP) was the top performer, with over 5 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin established low around $0.062

DOGE/USD traded in a range of $0.06167 to $0.06258, indicating mild volatility over the last 24 hours. Trading volume has declined by 47.92 percent, totaling $172.32 million, while the total market cap traded around $8.27 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE prepares to reverse?

On the 4-hour chart, we can see consolidation during the day, indicating that a low has been set and a move higher can be expected overnight. 

Dogecoin price analysis: DOGE swiftly retraces, finds support at $0.061
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action formed a strong swing low at the end of September after several week of retrace from the $0.068 resistance. From there, the first clear sign of recovery was seen on the 4th of October as the market quickly spiked as high as the $0.067 mark.

After another test of the upside on Thursday, a double top was formed, eventually leading DOGE/USD to retrace once more. The $0.063 support was quickly broken, leading towards the next support at $0.061 overnight.

However, Dogecoin price could not decline as far as reaction higher was seen back to $0.062. Since then, DOGE has consolidated around this price level, indicating that a reversal will soon follow, likely leading towards further upside next week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen a strong drop towards $0.061 and a consolidation established above during the last 24 hours. Therefore, DOGE/USD has set a strong base from which to reverse and begin another major wave higher.

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

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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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