Dogecoin price analysis 14th September 2022

Today’s analysis of Dogecoin price is bullish as we saw a break from previous lows and a loss of more than 6 percent over the last few hours. Therefore, DOGE/USD is trying to reverse and possibly retest previous support and resistance.

Dogecoin price analysis

The market has been trading under heavy selling pressure for the past 24 hours. Bitcoin leader lost 7% while Ethereum lost 6.12%. Meanwhile, the rest of the market is watching the two big companies closely.

Dogecoin price action in last 24 hours: Dogecoin breaks consolidation

DOGE/USD is trading in a range of $0.06028 to $0.06413, indicating strong volatility in the last 24 hours. Trading volume increased 1.79 percent to a total of $408.6 million, while the total market cap traded at around $8.045 billion, ranking the coin 11th overall.

DOGE/USD 4-hour chart: DOGE likely to react from $0.06
The 4 hours chart shows it hasn’t dropped over the last few hours, suggesting that $0.06 support could soon reverse Dogecoin’s price action.

Dogecoin price action has been trading in consolidation for the past few days. After a strong multi-day rally over the past week, DOGE/USD retested the previous key resistance at $0.065 but failed to move higher.

This was followed by consolidation, further attempts to climb were rejected in recent days. Further, the support at $0.0625 at the bottom of the consolidation zone has been tested several times.

Read also – Polkadot price analysis

After failing to hold again, the Dogecoin price quickly recovered lower in the afternoon, leading to a clear break below the $0.0625 support. Finally, support was found at $0.06 where price volatility is currently low. From there, we expect DOGE/USD to reverse course and make a new lower high.

Dogecoin Price Analysis: Conclusion

Today’s Dogecoin price analysis is bullish as we see a rapid decline to the next major support at $0.06 which is no longer down for now. Therefore, DOGE/USD may be ready to reverse direction and return to the previous support to retest as resistance.

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