Dogecoin at $0.14: Will DOGE turn this into support and aim higher?

Dogecoin price analysis for Feb 21, 2022, confirms that the people’s favorite meme coin has turned bullish and rose nearly 3% in the last 24 hours. But it is not enough to confirm an onset of a bullish scenario for the token. The DOGE price analysis from Feb 18, 2022, confirmed that the token dropped below $0.14, an important support region. 

The data from CoinMarketCap shows that the trading volume of the token dropped 16.02% in the last 24 hours, followed by a 3.04% surge in the market cap. Moreover, it is important to note that the Market Dominance of the token rests at 1.04 while the value of the Volume/Market Cap Ratio is 0.02645. 

On the other hand, the daily candle for Dogecoin opened at a price of $0.1367 and reached a daily high of $0.1419. Moreover, the daily low for the token stands at a price of $0.1358. At the time of writing, the price of 1 DOGE is $0.14. 

Dogecoin price analysis on the daily chart for Feb 21

Dogecoin price analysis for Feb 21, 2022, is implemented using 3 major indicators that have been used for many years to predict the price trajectory of assets.

Source: TradingView

The RSI level shows that Dogecoin price action is bearish overall and currently reads $43.98. Moreover, the gradient of the line is slightly positive for the day, which means that there is little chance that $0.14 turns into support. 

The MACD indicator shows that the MACD line (blue) has dropped below the signal line (orange), which confirms a bearish divergence. Moreover, the MACD histogram is also bearish with red bars. 

The price action has dropped into the bearish zone of the Bollinger Bands, and it is possible that investors will see lower prices in the near future. The selling pressure is higher than the buying pressure. 

Conclusion

Dogecoin price analysis can be confirmed on a bearish note for the meme coin overall. On the other hand, for Feb 21, 2022, it can be said that there is a chance that we might see high prices today.