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Dogecoin price analysis: DOGE slowly consolidates below $0.125, further drop incoming?

Dogecoin Price analysis 2022 10 31

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD failed to recover further.
  • Local resistance formed below $0.125.

Dogecoin price analysis is bearish today as we have seen steady move higher yesterday taht turned into consolidation overnight. Therefore, DOGE/USD will likely soon continue even lower to retrace past the $0.11 support.

Dogecoin price analysis: DOGE slowly consolidates below $0.125, further drop incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.56 percent, while Ethereum 2.14 percent. Meanwhile, the rest of the market saw mixed, low-volatility trading.

Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher

DOGE/USD traded in a range of $0.1129 to $0.1249, indicating low volatility over the last 24 hours. Trading volume has declined by 57.3 percent, totaling $5.78 billion, while the total market cap traded around $16.28 billion, ranking the coin in 8th place overall.

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

On the 4-hour chart, we can see low volatility consolidation over the past hours, likely leading to another drop overnight.

Dogecoin price analysis: DOGE slowly consolidates below $0.125, further drop incoming?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded with strong bullish momentum over the past week after several week consolidation below $0.61 resistance was broken on Tuesday.

 DOGE/USD quickly rallied as high as the $0.84 mark, with another strong wave higher following on Saturday. A new major swing high was set at $0.15, with a quick reaction lower seen immediately.

Since then, further attempt to move higher have been rejected. Dogecoin price managed to set a slightly lower local low yesterday before slowly reacting higher. Once that was done, DOGE/USD started to consolidate, likely as sellers gather enough momentum for another major wave lower later in the week.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen steady move higher end at the $0.125 mark. Therefore, DOGE/USD should soon see selling pressure return, likely leading to a move past the $0.11 current local low.

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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