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Dogecoin price analysis: DOGE peaks at $0.06, ready to decline further?

Dogecoin Price analysis 2022 10 22

TL;DR Breakdown

  • Dogecoin price analysis is bearish.
  • DOGE/USD peaked at $0.06.
  • Selling pressure slowly returns.

Dogecoin price analysis is bearish today as we have seen a quick retest of the upside and a lower local high set. Therefore, DOGE/USD is ready to drop even lower and look to test the $0.055 mark.

Dogecoin price analysis: DOGE peaks at $0.06, ready to decline further? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.31, while Ethereum 1.35 percent. Meanwhile, the rest of the market has seen mostly bullish results.

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

DOGE/USD traded in a range of $0.0589 to $0.05985, indicating mild volatility over the last 24 hours. Trading volume has declined by 36.95 percent, totaling $165 million, while the total market cap traded around $7.88 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 calm consolidation after reaction higher, which should lead towards another drop lower.

Dogecoin price analysis: DOGE peaks at $0.06, ready to decline further?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded within tight consolidation over most of the week. Clear resistance was tested at $0.061, with no clear result, indicating that further downside should soon follow.

Additionally, DOGE/USD saw a strong spike lower yesterday, setting a lower local low at $0.057. From there, a quick reaction higher followed, setting a lower local high around $0.059 overnight.

Since then, Dogecoin price action has moved sideways as a base from which to reverse is slowly formed. Likely DOGE will drop even further over the next days and look to set another wave lower.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a lower local high set and consolidation over the past hours. Therefore, DOGE/USD is ready to decline further and target the $0.0555 next major support next 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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