DOGE Price Analysis for February 1

DOGE Price Analysis for February 1

Even though the day has started with bulls’ dominance, some coins have come back to the red zone by the end of the day.

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DOGE is one of the biggest losers today, falling by almost 2% over the last 24 hours.

DOGE/USD chart byTradingView

On the local time frame, the price is trading near the support level after the false breakout of the resistance at $0.09299. If the situation remains the same until the end of the day, the drop may lead to a test of the $0.089 zone tomorrow.

DOGE/USD chart byTradingView

On the daily chart, bears might have seized the initiative as the rate of DOGE could not continue yesterday’s rise. However, there are low chances to see a midterm decline as the selling volume is low.

In this regard, the meme coin might enter the consolidation phase ($0.085-$0.095) until mid-February to accumulate energy for a further sharp move.

DOGE/USD chart byTradingView

On the weekly time frame, one should pay attention to the level at $0.09555. The price has made a false breakout of it, however, the candle has not closed yet. If the price gets back to it, the upward move may continue to the resistance zone around $0.1.

DOGE is trading at $0.09038 at press time.

Published at Wed, 01 Feb 2023 20:00:00 +0100

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