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Dogecoin price analysis: DOGE sets a lower high, continues to target $0.058 support

Dogecoin Price analysis 2022 10 18

Dogecoin price analysis is bearish today as we have seen a strong lower high set at $0.06. From there, DOGE/USD has started tr to decline, likely leading to a strong push below the $0.058 closest support later in the week.

Dogecoin price analysis: DOGE sets a lower high, continues to target $0.058 support 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.62 percent, while Ethereum lost 1.07 percent. Meanwhile, the rest of the market has seen a similar decline.

Dogecoin price movement in the last 24 hours: Dogecoin sets another lower high

DOGE/USD traded in a range of $0.05875 to $0.06022, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 3.98 percent, totaling $178.8 million, while the total market cap traded around $7.8 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE targets $0.058 next?

On the 4-hour chart, we can see Dogecoin price action continuing to decline, indicating that another wave lower will follow later in the week.

Dogecoin price analysis: DOGE sets a lower high, continues to target $0.058 support
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen more than a week-long decline, leading to a strong swing low set at $0.0555 support. From there, DOGE/USD reacted higher, retesting the $0.061 resistance.

Selling continued later, indicating that another wave lower could follow. However, DOGE found support at $0.058, where consolidation began.

Since then, the $0.059 mark has severed as the pivot point of consolidation, which slowly turned into a slight move higher. Lower high was set as a result, indicating that another drop lower will follow as the buyer and not able to set a higher local high.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen another clear lower high set, and selling pressure has continued over the past hours. Therefore, DOGE/USD is ready to set another wave lower and continue along with the several week decline.

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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