March 6, 2022 Dogecoin (DOGE) price analysisWhen we look at it, a bearish movement of the famous meme coin for the last 72 hours stands out as the first factor that draws attention. The price declined from the $0.1296 level on March 4 to $0.2110. Dogecoin, on the other hand, continued its decline the next day and lost value significantly. As of today, DOGE price continues to decline and its current price is $0.1225.
dogecoin With a trading volume of $335,598,266 and a market capitalization of $16,241,888,334 in the last 24 hours, it has increased by 1.15%, and DOGE is currently ranked 13th among the most valuable cryptoassets. However, the cryptocurrency is showing potential for a reversal as recent price analysis shows DOGE’s cost moving downwards towards support.
DOGE/USD 4-Hour Price Analysis
DOGE seems to be showing these moves as well, after a major downside move where the volatility of the market expected a squeeze and thus closed the market. This will make DOGE price less prone to experiencing a volatile change on either extreme. As a result, the upper limit of Bollinger’s band is located at $0.1319, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger band is located at $0.1200, expressing the strongest support for the meme coin.
DOGE/USD seems to be crossing below the Moving Average curve, which is a technical indicator confirming the bearish action. Price is trying to break it by moving downward towards the support. As volatility closes, this can work in the bulls’ favor as a breakout explodes volatility, giving the bulls more opportunity for a market takeover.
The Relative Strength Index (RSI) is at 35, marking a low for DOGE and falling into undervalue territory. Additionally, the RSI score continues to move down, indicating a depreciating market and dominance of selling activity.
24-Hour Dogecoin Price Analysis
DOGE showing that the market is following a decreasing move with down-low volatility. The market seems to be experiencing a squeeze that could signal future bursts of volatility. This, DOGE pricemakes it less prone to change from both extremes. The upper limit of the Bollinger band is located at $0.1485, which serves as DOGE’s strongest resistance. The lower limit of the Bollinger band is located at $0.1160, which represents the strongest support for DOGE.
Dogecoin appears to be following a bearish move with the DOGE/USD price crossing below the Moving Average curve. The downward move points to a declining market for the meme coin. Price is trying to meet support. If they meet, the market will break and reverse the market dynamic.
The Relative Strength Index (RSI) sits at 38, which indicates the devaluation of the cryptocurrency. Dogecoin is falling into the lower neutral zone after a major downside move. The drop in the RSI score represents the dominance of selling activity and exercise towards devaluation.
The market shows enormous potential for a reversal in the coming days. If the bulls manage to use this to their advantage, they can engulf the market and help push the Dogecoin price higher than expected.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.