Dogecoin down 8% in 7 days but, investors need to remain careful

Dogecoin analysis shows that resistance at $0.17 is quite strong for the bulls but is the target which needs to be breached for an uptrend.
Dogecoin analysis shows that resistance at $0.17 is quite strong for the bulls but is the target which needs to be breached for an uptrend.

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Dogecoin price analysis for Feb 15 confirms that the token hasn’t seen much growth this week. On the other hand, the token initiated the month of Feb on a very bullish note, as presented in the DOGE price analysis for Feb 7, 2022. It is clear that DOGE has fallen 8% in the last 7 days while gaining 3% in the last 24 hours. 

The data from CoinMarketCap shows that the trading volume of the meme coin dropped by 63.37% in the last 24 hours, followed by a 2.96% rise in the market cap. The token is currently ranked the 11th biggest cryptocurrency in the crypto market. Also, the Volume / Market Cap Ratio stands at 0.03508, while the Market Dominance currently rests at 1.01%. 

The daily candle for Dogecoin opened at a price of $0.145 and reached a daily high of $0.15. Moreover, the daily low for the token currently stands at $0.144. The time of 1 DOGE at the time of writing is $0.149. It is a notable fact that DOGE is 79.69% low from its all-time high of 0.7376 USD.

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Dogecoin price analysis on the daily chart

Dogecoin price analysis on the daily chart shows that the RSI line is now making higher highs and forming an uptrend. This means that soon, the indicator will break through the 49.46 mark.

Dogecoin price analysis
Source: TradingView

The MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange), while the MACD histogram is also filled with bullish green bars.

Dogecoin price analysis
Source: TradingView

The price action is retesting the middle zone of the Bollinger Band. If successful, we might see the price move towards the upper end of the Bands.

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Dogecoin price analysis
Source: TradingView

Conclusion

Dogecoin price analysis on the daily chart for Feb 15, 2022, can be concluded on a bullish note for the token. It can be expected that in the near future, DOGE will try to break through the resistance at $0.17 and reach $0.2. However, for now, $0.17 remains a strong resistance, as seen in the DOGE price analysis for Feb 10, 2022.

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