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Dogecoin price analysis: DOGE swiftly retests upside, looks to set lower highs around $0.06?

Dogecoin Price analysis 2022 10 17

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD continued to consolidate yesterday.
  • Lower high is likely to be set overnight.

Dogecoin price analysis is bearish today as we have seen strong consolidation and a quick move higher over the past hours. Therefore, we expect DOGE/USD to drop even lower and look to break past the $0.0555 support over the rest of the week.

Dogecoin price analysis: DOGE swiftly retests upside, looks to set lower highs around $0.06? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.66 percent, while Ethereum gained 2.62. Meanwhile, the rest of the market has followed closely with no clear outliers.

Dogecoin price movement in the last 24 hours: Dogecoin continued sideways

DOGE/USD traded in a range of $0.05862 to $0.05996, indicating mild volatility over the last 24 hours. Trading volume has increased by 23.75 percent, totaling $186.83 million, while the total market cap traded around $7.92 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE prepares to decline further?

On the 4-hour chart, we can see Dogecoin price looking to set another lower high, likely leading to further downside over the rest of the week.

Dogecoin price analysis: DOGE swiftly retests upside, looks to set lower highs around $0.06? 2
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong selling pressure over the past week, with a new swing low set at $0.0555 support. From there, a reaction higher towards the previous local high followed to $0.061.

Since then, strong decline lower could not be made as support at $0.058 prevented further downside. Consolidation followed as a result, with a slight reaction higher seen this morning.

Likely Dogecoin price will soon establish another lower high and look to break past the $0.058 support. Once that is done, we expect DOGE/USD to spike even lower and move towards the $0.0555 support.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen strong consolidation and a slight reaction higher over the last 24 hours. Therefore, DOGE/USD is ready to decline even further and look to break past the $0.058 support. 

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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