DOGE falls nearly 4% but, indicators hint at a bullish month

DOGE price analysis for the short term might be quite bearish. But, TheCoinRise believes that the month of Feb will be quite bullish for the token. As seen in our Dogecoin price analysis for Feb 10, 2022, the token faced strong resistance in the $0.16-$0.17 zone. On the other hand, it seems that the nearest support rests at $0.14.

The data from CoinMarketCap shows that the trading volume of DOGE surged 7.61% in the last 24 hours while the market cap dropped by 3.82%. At the time of writing, the price of 1 DOGE is at $0.153, which is 79.27% low from its all-time high at $0.7376. The Market Dominance of the token is 1.03% while the Volume / Market Cap Ratio stands at a value of 0.04798.

The daily candle for DOGE opened at a price of $0.1515 and reached a daily high of $0.1536. Moreover, the daily low for the token stands at a price of $0.1488.

DOGE price analysis on the daily chart

It is important to note that the daily chart below shows the RSI indicator which is just at the 50-mark. It seems that the buyers and sellers are fighting for control in the market.

Source: TradingView

The MACD indicator on the daily below shows that the MACD line (blue) continues to progress above the signal line (orange). This is a bullish scenario for the token.

Source: TradingView

The price chart below shows the Bollinger Bands. The price action failed to break from the upper end of the Bands which shows that bulls did not have enough power.

Source: TradingView

Conclusion

The DOGE price analysis for Feb 11, 2022 can be concluded on a bearish note for the day. However, the indicators show that the month of February is bullish for Dogecoin as the meme token is up nearly 8% on the monthly candle. Recently, Elon Musk’s Tesla decided to accept Dogecoin for payments for merchandise. With Musk’s support, the meme token might aim to reach $1 this year.