Dogecoin drops 15%: Best time to buy DOGE?

Dogecoin price analysis for Feb 24, 2022, can be confirmed on a bearish note as the token has dropped more than 15% in the last 24 hours. Moreover, as seen in our DOGE price analysis for Feb 23, the token failed to break above the $0.14 price level. It is important to note that the chances of the token breaking above $0.14 are relatively low. 

The data from CoinMarketCap shows that the trading volume of the token has surged 154.08% in the last 24 hours followed by a 14.03% drop in the market cap. The bulls seem to have been slain by the bears. It is also important to note that the Market Dominance for Dogecoin is 0.94% while the Volume / Market Cap Ratio has a value of 0.0916.

The daily candle for DOGE opened at a price of $0.1273 and reached a daily high of $0.1277. The daily low for the token stands at a value of $0.1065 while the price of 1 DOGE at the time of writing is $0.1128. 

Dogecoin price analysis on the daily chart for Feb 24

Dogecoin price analysis for Feb 24, 2022, can be confirmed on a bullish note for the token based on the readings from 3 major DOGE indicators.

Source: TradingView

The MACD indicator shows that the MACD line (blue) remains below the signal line (orange) which means that the bearish is in charge and DOGE might fall more. 

The RSI indicator shows a value of 29.22 and that DOGE is entering the oversold levels. On the other hand, the gradient of the line is negative which means lower prices will be witnessed. 

The price action has broken out from the lower end of the Bollinger Bands following a surge in the selling pressure. This means that $0.12 won’t hold. 

Conclusion

Dogecoin price analysis for Feb 24, 2022, can be concluded on a bearish note, and the token might fail to retain a price above $0.12 due to a huge surge in selling pressure.