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Dogecoin price analysis: DOGE retests $0.061, fails to break higher

Dogecoin Price analysis 2022 10 24

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD rejected $0.061 yesterday.
  • Selling pressure returned overnight.

Dogecoin price analysis is bullish today, as we have seen a quick reaction lower and strong support at the $0.059 mark. Therefore, DOGE/USD will likely attempt to rally higher once more as sellers are not yet ready to continue lower.

Dogecoin price analysis: DOGE retests $0.061, fails to break higher 1
Cryptocurrency heat map. Source: Coin360

The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, lost 0.82 percent, while Ethereum gained 0.5 percent. Meanwhile, the rest of the market has seen slight selling as the overall sentiment was bearish.

Dogecoin price movement in the last 24 hours: Dogecoin retraces to $0.059 support

DOGE/USD traded in a range of $0.05886 to $0.06081, indicating substantial volatility over the last 24 hours. Trading volume has increased by 50 percent, totaling $234.6 million, while the total market cap traded around $7.84 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to reverse again?

On the 4-hour chart, we can see strong support at $0.059, likely leading Dogecoin price action back toward previous resistance over the next 24 hours.

Dogecoin price analysis: DOGE retests $0.061, fails to break higher
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded within a consolidation over the past weeks. After several attempts to reverse, the $0.061 mark was established as a solid resistance.

Further attempt to continue lower failed as the $0.058 mark served as strong support. Eventually, DOGE/USD attempted to spike even lower towards the $0.057 mark, where a reaction higher was seen immediately.

From there, Dogecoin price action attempted to move higher again, initially setting a clear lower local high, indicating that a break lower could soon follow. However, another spike higher was seen overnight, leading back above $0.061, where a clear rejection was seen, leading back to $0.059 support. Therefore, we expect DOGE/USD to reverse overnight again and head back towards the $0.061 resistance.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bullish today as we have seen another strong reaction at the $0.059 support. From there, DOGE/USD should rally and head back towards the $0.061 resistance to finally attempt to break higher.

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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