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Dogecoin price analysis: DOGE fails to continue higher, drops below $0.13

Dogecoin Price analysis 2022 11 02

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD rejected from $0.16 yesterday.
  • Selling returned overnight after consolidation earlier.

Dogecoin price analysis is bearish today as we have seen clear rejection from the $0.16 resistance early yesterday and consolidation later in the day. Since then, DOGE/USD has started to decline again, resulting in an active test of the $0.13 mark.

Dogecoin price analysis: DOGE fails to continue higher, drops below $0.13 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, both saw a slight decline of 0.59 and 2.38 percent, respectively. Meanwhile, Dogecoin (DOGE) was one of the worst performers, with over 6.6 percent loss.

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

DOGE/USD traded in a range of $0.1295 to $0.1474, indicating substantial volatility over the last 24 hours. Trading volume has declined by 41.17 percent, totaling $4.,89 billion, while the total market cap traded around $17.18 billion, ranking the coin in 8th place overall.

DOGE/USD 4-hour chart: DOGE looks to continue lower?

On the 4-hour chart, we can see selling pressure still strong over the past hours, likely leading to an even further decline until the end of the day.

Dogecoin price analysis: DOGE fails to continue higher, drops below $0.13
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action managed to rally substantial over the past weeks as several waves higher continued to set strong swing highs. After the last major push higher, DOGE/USD tested the $0.15 major resistance, with an immediate reaction lower on Saturday.

From there, DOGE started to form a base from which to retrace this week. However, selling stopped at the $0.11 support, leading to another steady move towards the previous high. 

Eventually, Dogecoin price started to rapidly gain momentum, leading to another quick spike higher. This time, DOGE/USD almost reached the $0.16 next major resistance, which resulted in a slightly higher swing high set.

Reaction followed immediately once again, leading DOGE to consolidate around $0.14 late yesterday. Since then, selling pressure has returned, indicating that further retrace will follow soon.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen consolidation turn into further decline since the start of the day. Therefore, DOGE/USD is likely headed even lower over the next 24 hours to set an even deeper local low.

While waiting for Dogecoin to move further, see our Price Predictions on XDC, Cardano, and Curve 

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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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