Dogecoin price analysis: DOGE starts to lose value at $0.1215

DOGE

TL;DR Breakdown

  • Dogecoin price analysis is byllish today.
  • The strongest resistance is present at $0.1256.
  • Dogecoin trades at $0.1215 at the time of writing.

After a strong bullish run, the dogecoin price analysis for March 23, 2022, shows the meme cryptocurrency entering a declining movement for the last 24 hours. The price spiked from $0.1189 to $0.1254 on March 22, 2022. However, Dogecoin joined a declining campaign the next day and significantly decreased its value. Today the cryptocurrency continues a downward movement and is at $0.1215 at the time of writing.

Dogecoin has been down 1.02% in the last 24 hours with a trading volume of $518,653,933 and a live market cap of $16,145,618,633, and DOGE currently ranks at #13. However, the cryptocurrency shows potential for a reversal as the recent price analysis indicates the cost of DOGE moving downward towards the support.

DOGE/USD 4-hour price analysis: Recent developments

Dogecoin price analysis shows the market following a negative movement with the market’s volatility expecting a squeeze, consequently closing the market. This makes the cryptocurrency price less prone to experience volatile change on either extreme. As a result, the Bollinger’s band upper limit is present at $0.1240, representing the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.1180, expressing the strongest support for the meme cryptocurrency.

The DOGE/USD appears to cross under the curve of the Moving Average, indicating a bearish movement. The price seems to move downward towards the support, attempting to break it. As the volatility happens to close, this could favor the bulls, as a breakout would explode the volatility providing more opportunity to the bulls for a market take over once again.

Dogecoin price analysis: DOGE starts to lose value at $0.1215 1
DOGE/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is present at 54, indicating a stable for DOGE, falling in the upper neutral region. In addition, the RSI score appears to move downwards, indicating a depreciating market and dominance of selling activity.

Dogecoin price analysis for 24 hours: DOGE market enters a squeeze

Dogecoin price analysis shows the market following a bullish movement, with its volatility on the down-low. The market appears to be undergoing a squeeze which may indicate future volatility bursts. This makes the DOGE price less prone to change from either extreme. The upper limit of the Bollinger’s band exists at $0.1256, serving as the strongest resistance of DOGE. The lower limit of the Bollinger’s band is present at $0.1111, which represents the strongest support for DOGE.

Dogecoin appears to follow a bullish movement with the DOGE/USD price crossing over the curve of the Moving Average. The upward movement indicates an increasing market for the meme cryptocurrency. The price attempts to meet the resistance. If they meet, the market will break and reverse the market dynamic in favor of bears.

Dogecoin price analysis: DOGE starts to lose value at $0.1215 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score is 48, signifying the devaluation of the cryptocurrency. Dogecoin falls in the lower neutral region, following a massive downward movement. The decrease in the RSI score represents the dominance of the selling activity and exercise towards devaluation.

Dogecoin Price Analysis Conclusion

Dogecoin price analysis reveals the cryptocurrency following a bullish movement, showing bearish possibilities. The market shows colossal potential for a reversal in the coming days. If the bears manage to use it to their advantage, they might engulf the market and decline the price of Dogecoin beyond expectations.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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