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Dogecoin price analysis: DOGE continues lower, slowly targets $0.058 next?

bitwolf by bitwolf
September 16, 2022
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Dogecoin worth evaluation is bearish at present as now we have seen consolidation beneath $0.061 and failure to get well. Consequently, DOGE/USD spiked decrease once more, reaching beneath $0.059 assist.

Dogecoin price analysis: DOGE continues lower, slowly targets $0.058 next? 1
Cryptocurrency warmth map. Supply: Coin360

The market has traded within the purple during the last 24 hours. The chief, Bitcoin, misplaced 1.51 %, whereas Ethereum misplaced 4.66 %. In the meantime, the remainder of the market has declined between the 2 majors.

Dogecoin worth motion within the final 24 hours: Dogecoin fails to get well

DOGE/USD traded in a variety of $0.05896 to $0.06142, indicating slight volatility during the last 24 hours. Buying and selling quantity has declined by 12.82 %, totaling $356.84 million, whereas the entire market cap traded round $7.9 billion, rating the coin in tenth place total.

ITB Widget Instance

DOGE/USD 4-hour chart: DOGE targets $0.058 subsequent?

On the 4-hour chart, we will see promoting stress nonetheless robust, indicating that additional decline will comply with in a single day.

Dogecoin price analysis: DOGE continues lower, targets $0.058 next?
DOGE/USD 4-hour chart. Supply: TradingView

Dogecoin price motion tried to interrupt previous the $0.065 resistance final week after one other robust push increased. Nevertheless, additional upside couldn’t be reached as DOGE/USD fashioned consolidation.

Additional upside bought rejected a number of occasions, ultimately main DOGE to interrupt down and push previous the $0.0625 assist. After a powerful push decrease, assist was found at $0.059, with one other consolidation seen later.

Nevertheless, Dogecoin did not get well above $0.061, leading to one other transfer decrease. This time, DOGE/USD spiked to $0.0585, with a slight response increased seen over the previous hours. Doubtless promoting stress will return in a single day and lead in direction of the $0.058 subsequent assist over the following days.

Dogecoin worth evaluation: Conclusion 

Dogecoin price analysis is bearish at present as we anticipate additional draw back to comply with after failure to reverse yesterday. Doubtless, DOGE/USD will look to maneuver in direction of the $0.058 subsequent assist if substantial bullish momentum doesn’t return.

Whereas ready for Dogecoin to maneuver additional, see our articles on the right way to purchase Litecoin, Filecoin, and Polkadot.

Disclaimer. The knowledge supplied isn’t buying and selling recommendation. Cryptopolitan.com holds no legal responsibility for any investments made primarily based on the data supplied on this web page. We strongly advocate impartial analysis and/or session with a certified skilled earlier than making any funding selections.



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