Technical Analysis for DOGUSD for 17th October 2022
Dogecoin Consolidates above Q3 lows, DOGE's Ceiling at $0.066
Past Performance of DOG
DOGE prices are trending above Q3 2022 highs at around $0.056. Amid an uneventful price action and hesitant traders waiting for a clear trend definition, bears remain firmly in contention despite slowing down the optimistic bulls. Thus far, the primary resistance, capping buyers' progress, is at $0.066, marking September and October 2022 highs.
DOGE Technical Analysis
Overall, DOGE is under pressure. The rejection of lower lows and Dogecoin bulls soaking in the strong wave of bear pressure and keeping prices above $0.056 is a net positive. Nonetheless, until there is a sharp reversal from spot levels, ideally above $0.066, with expanding participation levels, traders can begin committing, fading the current trend. Conservative traders can wait for a clean break above $0.066 in a welcomed reversal or below $0.056. A rally may lift DOGE to August highs at $0.088, while sharp losses below September lows may twist buyers' hands, forcing the coin towards Q2 2022 lows at $0.050 in a bear trend continuation formation.
What to Expect from DOG
DOGE has utility, and Elon Musk's support primarily shores its reputation. Also, the fact that it was one of the first meme coins and a favorite of most new investors is a massive boost. In the short term, how prices react at $0.056 and $0.066 will determine the coin's valuation.
Resistance level to watch: $0.066
Support level to watch: $0.056
Disclaimer: Opinions expressed are not investment advice. Do your research.
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