Dogecoin down 11% on the monthly candle: Accumulate or Distribute?

Dogecoin price analysis for March 10, 2022, confirms a bearish price action for the token which is more than 80% low than its all-time high witnessed on May 08, 2021, at a price of $0.737. Moreover, the token has been quite sluggish in the past few days and the meme coin has dropped more than 11% since the beginning of March. Moreover, the data from our DOGE price analysis for March 9, 2022, confirms that the bearish conditions remain strong. 

The data from CoinMarketCap shows that the trading volume of the token has dropped over 2.14% in the last 24 hours, followed by a 1.88% increase in the market cap. Moreover, the Market Dominance of the token rests at 0.88%, while the Volume / Market Cap Ratio has a value of 0.03189.

The daily candle for Dogecoin opened at a price of $0.1215 and reached a daily high of $0.1219. Moreover, the daily low for the token stands at a price of $0.1183 as the price of 1 Dogecoin at the time of writing is $0.1188.

Dogecoin price analysis on the daily chart for March 10

Dogecoin price analysis on the daily chart for March 10 will use 3 of the biggest indicators in the crypto space on the daily chart.

Source: TradingView

The RSI indicator reads a value of 38.31 which means that the bears are dominating the bulls as the gradient of the line is negative. This means that chances are that Dogecoin might drop more. 

The MACD indicator shows that the MACD line and the signal line are very close to each other as the former remains below the latter.

Readings from the above chart also show that the price action remains in the lower end of the Bollinger Bands which adds to the fact that the selling pressure is dominating over the buyers. 

Conclusion

The Dogecoin price analysis for March 10, 2022, confirms that the bears are in charge with chances that DOGE might drop to $0.10.