DOGE Price Analysis for October 12

12 October 2023

in DOGE

Reading Time: 2 mins read

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Sellers are not going to give up so easily, according to CoinStats.

DOGE/USD

The rate of DOGE has fallen by 2% since yesterday.

On the hourly chart, the price of DOGE might have found a local support level of $0.05764. If the daily bar closes far from this mark, there is a possibility of seeing a bounce back to the middle of the channel – $0.05820. Such a scenario is relevant until tomorrow.

A similar picture can be seen on the daily time frame. The price is coming back to the local low after a failed attempt to fix above the $0.059 zone.

If the breakout of $0.057 happens, traders are likely to see a test of the support of $0.0556 soon.

Bears are also more powerful than bulls on the weekly chart. If the drop continues to the $0.055 zone, the accumulated energy might be enough for a decline to $0.050.

DOGE is trading at $0.0577 at press time.

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.

Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.