Dogecoin price analysis: DOGE consolidates around $0.13, more slow selling next?

3 November 2022

in DOGE

Reading Time: 3 mins read

Dogecoin price analysis is bearish today as we have seen further selling over the last 24 hours leading toward consolidation around $0.13. Since no reaction higher has been seen since, we expect DOGE/USD to continue even lower later today.

Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 1.21 percent, while Ethereum 1.12 percent. Meanwhile, the rest of the market has seen low volatility price action.

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Dogecoin price movement in the last 24 hours: Dogecoin continued lower

DOGE/USD traded in a range of $0.1241 to $0.1379, indicating mild volatility over the last 24 hours. Trading volume has declined by 31.08 percent, totaling $3.56 billion, while the total market cap traded around $17.57 billion, ranking the coin in 8th place overall.

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DOGE/USD 4-hour chart: DOGE prepares to decline further?

On the 4-hour chart, we can see a failure to move higher over the past hours, likely leading Dogecoin towards another slide lower by the end of the day.

Dogecoin price analysis: DOGE consolidates around $0.13, more selling next? — DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action managed to set strong swing high last week. After a quick spike to $0.15, several previous resistance levels were broken without much hesitation.

A slight retrace followed, setting a higher local low at $0.11. From there, bullish momentum slowly took over once again at the beginning of the week, eventually leading to another spike higher, this time to the $0.16 next major resistance.

Since then, Dogecoin price action has seen steady retrace back below $0.13. As long as DOGE/USD fails to see any swift move higher later today, we can expect further selling to take place over the next 24 hours.

Dogecoin price analysis: Conclusion

Dogecoin price analysis is bearish today as we have seen no signs of reversal after more downside tests overnight. Therefore, DOGE/USD will likely continue retracing and look to test the $0.118 mark next.

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

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