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Dogecoin price analysis: DOGE slowly peaks at $0.06, further retrace overnight

Dogecoin Price analysis 2022 10 23

Dogecoin price analysis is bearish today as we have seen a strong lower local high set and consolidation overnight. Therefore, DOGE/USD will likely soon reverse and look to test even further downside over the next 24 hours.

Dogecoin price analysis: DOGE slowly peaks at $0.06, further retrace overnight 1
Cryptocurrency heat map. Source: Coin360

The market has traded neutral over the last 24 hours. The leader, Bitcoin, lost 0.17 percent, while Ethereum 0.06 percent. Meanwhile, the rest of the market saw similar slight volatility.

Dogecoin price movement in the last 24 hours: Dogecoin prepares to decline further

DOGE/USD traded in a range of $0.05893 to $0.05983, indicating mild volatility over the last 24 hours. Trading volume has declined by 9.89 percent, totaling $151 million, while the total market cap traded around $7.87 billion, ranking the coin in 10th place overall.

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

The 4-hour chart shows selling pressure returning, likely leading DOGE toward further lows next week.

Dogecoin price analysis: DOGE peaks at $0.06, further retrace overnight
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with no clear direction over the past week as consolidation continued below $0.061. After several attempts to break higher, DOGE/USD started to set lower local highs and test further lows.

Strong move lower on Friday took DOGE as low as the $0.0575 mark, where a reaction higher was seen. From there, DOGE/USD retraced and set a lower high around $0.06 resistance.

Since then, Dogecoin price action has consolidated, preparing to reverse. First push lower already began, leading back below $0.059 support. As a result, we can expect another wave lower over the next days, likely leading past the $0.0575 previous low.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a clear lower high set and selling pressure resume over the past hours. Likely, DOGE/USD will break even lower and look to reach further lows over the 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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