DOGE Price Analysis for October 12

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.

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