Dogecoin continues its downtrend: DOGE struggles at $0.12

Dogecoin price analysis for Feb 22, 2022, can be confirmed on a bearish note for the token, which has dropped by more than 8% in the last 24 hours. Moreover, the data from our DOGE price analysis for Feb 21 saw the meme coin drop below the important support of $0.14. Furthermore, we saw the token drop to the nearest support of $0.12. 

The data from CoinMarketCap shows that Dogecoin trading volume surged 112.15% in the last 24 hours, followed by an 8.77% drop in the market cap. Moreover, the Market Dominance of the token currently rests at 1.02%, while the Market Rank of the token is 12. Furthermore, the Volume / Market Cap Ratio has a value of 0.06171. 

The daily candle for Dogecoin opened at a price of $0.128 and reached a daily high of $0.13. Moreover, the daily low for the token stands at $0.1238, while the price of 1 DOGE at the time of writing is $0.1276. 

Dogecoin price analysis on the daily chart for Feb 22

Dogecoin price analysis for Feb 22, 2022, confirms that the token has increased chances of falling below $0.12, based on the readings from 3 major indicators on the daily chart.

Source: TradingView

The RSI indicator reads 44.67 and shows that the chances of Dogecoin falling further are high. The line is in the bearish zone, and the gradient is also negative for the line. 

The MACD indicator shows that the MACD line (blue) has turned bearish and dropped below the signal line (orange), confirming a bearish divergence. 

Moreover, the price action is retesting the lower end of the Bollinger Bands, and there is a huge chance that the meme coin might drop out of the lower end of the Bands.

Conclusion

Dogecoin price analysis for Feb 22, 2022, can be concluded on a bearish note as the token has failed to reclaim the important price level of $0.14. Moreover, the chances of DOGE falling below the important price zone of $0.12 are very high.