Dogecoin price analysis is bearish today.The strongest resistance is present at $0.1485.Dogecoin trades at $0.1221 at the time of writing.
Dogecoin price analysis for March 6, 2022, shows the meme cryptocurrency to be following a declining movement for the last 72 hours. The price fell from $0.1292 to $0.1210 on March 4, 2022. Dogecoin continued a declining campaign the next day and significantly decreased its value. Today the cryptocurrency continues a bearish movement and is at $0.1221 at the time of writing.
Dogecoin has been up 1.15% in the last 24 hours with a trading volume of $335,598,266 and a live market cap of $16,241,888,334, 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 seems to show the market following a massive 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 $0.1319, representing the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.1200, 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.
DOGE/USD 4-hour price chart source: TradingView
The Relative Strength Index (RSI) is present at 35, indicating a low value for DOGE, falling in the undervalued 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 suffers devaluation
Dogecoin price analysis shows the market following a declining 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 $0.1485, serving as the strongest resistance of DOGE. The lower limit of the Bollinger’s band is present at $0.1160, which represents the strongest support for DOGE.
Dogecoin appears to follow a bearish movement with the DOGE/USD price crossing under the curve of the Moving Average. The downwards movement indicates a declining market for the meme cryptocurrency. The price attempts to meet the support. If they meet, the market will break and reverse the market dynamic.
DOGE/USD 1-day price chart source: TradingView
The Relative Strength Index (RSI) score is 38, 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 solid bearish movement, showing massive bullish potential. The market shows colossal potential for a reversal in the coming days. If the bulls manage to use it to their advantage, they might engulf the market and help raise the price of Dogecoin beyond expectations.
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