- DOGE price fails to hold amidst the market turmoil as the price retraces back to the support area with a range bound move.
- DOGE price continues to show strength after a bearish downtrend with the current situation of the market as things look uncertain for most of the traders and investors.
- DOGE price continues to hold $0.08 on daily timeframes as the price aims to rebound above 50 level Exponential moving average (EMA)
Dogecoin (DOGE) price was a notable performer for the month of October, rising more than 100% in 24 hours. However, in the past few days, the cryptocurrency market has seen some drastic shift in sentiment, as Dogecoin (DOGE) and the price of other altcoins are struggling to survive after the news that Binance will not acquire FTX and that the company has gone bankrupt. Most of the altcoins are heading higher with many posting gains of more than 200%, including DOGE’s rally from the $0.55 region to a high of $0.15, with many hoping for more recovery. However, these expectations were cut short due to the uncertainty surrounding the crypto market, which has led to a lot of fear about the direction the market is headed. (data from Binance)
Dogecoin (DOGE) price analysis on the weekly chart
The past few days have been filled with a lot of turmoil in the cryptocurrency space as many altcoins struggled to show strength after losing their key support stopping the price drop.
The current uncertainty surrounding the market has put traders and investors reluctant to buy altcoins, as there is no guarantee whether they will trend anytime soon.
The news of the presence of other exchanges in the FTX saga mix raised more concerns as many investors and traders shy away from investing in some projects, but this is not the case for the DOGE army as they defended $0.08 as a good support area for further rallies.
DOGE price fell to a weekly low of $0.073 before bouncing off this area, showing some significant strength in the $0.088 area as the price aims to break higher. DOGE price needs to flip the $0.1 area for DOGE price to head higher.
DOGE Weekly Price Resistance – $0.1.
DOGE Weekly Support – $0.07.
DOGE price analysis on the daily chart (1D)
DOGE price remains quite strong in the daily time frame as the price is trading above the $0.08 support after rebounding from the $0.075 area.
If DOGE price exceeds $0.1, we may see more rises for DOGE price; A break below $0.07 will lead to more DOGE selling.
DOGE daily price resistance – $0.1.
DOGE Daily Price Support – $0.08 – $0.075.
Featured Image From zipmex, Charts From Tradingview