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Dogecoin price analysis: DOGE breaks $0.061, looks to continue lower overnight?

Dogecoin Price analysis 2022 10 10

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD spiked below $0.061 this morning.
  • Selling pressure is still strong.

Dogecoin price analysis is bearish today as we have seen break below $0.061 support and further decline over the past hours. Therefore, DOGE/USD will likely continue even lower and look to move towards the $0.059 support next.

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

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.69 percent, while Ethereum 1.74 percent. Meanwhile, the rest of the market saw a slightly more substantial decline.

Dogecoin price movement in the last 24 hours: Dogecoin failed to reverse above $0.061

DOGE/USD traded in a range of $0.0603 to $0.06247, indicating mild volatility over the last 24 hours. Trading volume has increased by 33.02 percent, totaling $223 million, while the total market cap traded around $8 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to continue even lower?

On the 4-hour chart, we can see Dogecoin still testing further downside, likely leading to another spike lower overnight.

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

Dogecoin price action has seen strong support established above the $0.059 mark over the past weeks after a strong retrace from the $0.068 swing high. Resistance was later set and retested at $0.063, setting a clear target that needed to be broken before further upside followed.

Last Monday, DOGE/USD retested the $0.059 support and finally started to advance rapidly. After a massive spike higher, DOGE reached the $0.067 resistance, setting a slightly lower swing high. A double top reversal was formed later in the week, allowing bears to take over again.

Strong selling followed late last week, leading Dogecoin price to form consolidation around $0.061 support. Reversal did not follow, leading DOGE/USD to drop even further early this morning. As no signs of reaction higher have followed, we expect selling pressure to continue overnight.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a clear break below $0.061 support and no signs of recovery just yet. Likely, DOGE/USD will continue even lower overnight and look to retest the $0.059 major support later in the week. 

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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