22.3 C
Wednesday, August 17, 2022
HomeAnalysisDogecoin price analysis: DOGE slowly continues sideways at $0.067, spike lower incoming?

Dogecoin price analysis: DOGE slowly continues sideways at $0.067, spike lower incoming?

Dogecoin price analysis today is bearish. DOGE/USD has yet to show signs of a reversal, so we expect further selling to continue later in the week.

Heat map of cryptocurrencies. Source: Coin360

The market has been trading in the red for the last 24 hours. Leader Bitcoin fell 3.73% while Ethereum fell 4.16% behind him. The rest of the top altcoins followed closely, with Dogecoin holding just a 2.49% loss.

Dogecoin Price Change Over the Last 24 Hours: Dogecoin Recovery Failed

DOGE/USD is trading between $0.0659 and $0.06809, indicating moderate volatility over the past 24 hours. Trading volume dropped 11.15% to a total of $255.6 million, but with a total market cap of about $8.88 billion, the coin ranks 11th overall.

ITB widget example

DOGE/USD 4-Hour Chart: Will DOGE Break Below $0.065?

On the 4-hour chart, we can see that Dogecoin’s price action is trading indecisively. However, given the price action so far, we expect further declines to continue overnight.

Dogecoin Price Analysis: DOGE Continues to Flatten out at $0.067, Spikes Lower?
DOGE/USD 4-hour chart.Source: Trading View

Dogecoin price action has traded under slow selling pressure over the past few days after a strong reaction at the $0.0745 mark. After testing the $0.069 support several times, DOGE/USD turned down and quickly reached the next support at $0.066.

From there, after a bit of responsiveness, the integration began. We have already seen some price cut attempts with lower momentum, setting low local highs.

So the market is at a loss as to where to go next. However, given previous Dogecoin price action, we expect another downward push to follow soon.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bearish. While we have seen some support at $0.066, it has set lower regional highs in the last 24 hours. Perhaps this means that DOGE/USD is gaining momentum for its next surge with a next target of $0.0625.

While you wait for Dogecoin to make more moves, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com accepts no liability for investments made based on information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decision.


Most Popular