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Dogecoin price analysis: DOGE/USD dips and sets new support around $0.090

Dogecoin Price analysis 2022 10 31

TL;DR Breakdown

  • Dogecoin has a local high set at $0.158
  • Dogecoin might retest the $0.088 support in the next few hours
  • The bears have no intention to give up
  • This is not a good time to buy Dogecoin for short-term profits

At the very start of November, Dogecoin set a local high at $0.158 a before entering a range of $0.07 and $0.0948. However, it broke out of the range after retesting the resistance at $0.095 and set a new local resistance at the $0.1 mark before falling again. But where is it headed next?

Crypto heat map
Cryptocurrency heat map by Coin360

If we consider the overall market conditions, we can see that the bearish sentiments are very high. Bitcoin has been reduced by 2.54 percent. At the same time, Ethereum has reduced by 4.38 percent. Since the two major coins are down, the entire market is following the same course.

1-day Dogecoin price analysis
Dogecoin Price Chart by TradingView

If we look at the 1-day Bitcoin price analysis, it looks like the bulls have given up today. Dogecoin is likely to retest the recent support at $0.088 in the next few hours. It is already quite close to that mark. However, the RSI shows a balanced line right now, suggesting that we cannot expect any sudden market movements. So, it is going to be a slow ride.

Dogecoin 24-hour price analysis

The day for the Dogecoin price analysis started very bearishly. DOGE/USD reached a 24-hour low at $0.090 before retracing to $0.093. Overall, the market cap of Dogecoin has gone down by 11.18 percent in the last 24 hours. Furthermore, the trading volume has also reduced by 13.99 percent. This has brought its 24-volume-to-market-cap ratio to 0.1184.

4-hour Dogecoin price analysis: Can Dogecoin break below $0.090?

4-hour Dogecoin price analysis
Dogecoin Price Chart by TradingView

If we look at the 4-hour Dogecoin price analysis chart, the MACD indicator shows bars in the reds. Furthermore, the bars are showing a negative increase in intensity. The bearish momentum is high, and the bulls seem to be losing more control. If conditions remain the same, then Dogecoin can surely test the $0.090 support and might possibly break lower.

Dogecoin price analysis: Conclusion

Based on the market conditions and Dogecoin price analysis for today, this might not be the best time to buy Dogecoin. The market is going down and there isn’t much indication of improvement in the next 24 hours. However, like always, the crypto market can be very unpredictable.

Traders looking for short-term profits may be better off waiting until a new range of Dogecoin is confirmed. However, now is not the right time. For more details, you may want to check out our Dogecoin price prediction.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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