Dogecoin price analysis for March 2, 2022, confirms that the token has shown a disappointing performance in the last 24 hours. It is to be noted that the entire crypto market has been bullish in the past few hours, but DOGE only jumped 5%, as noted in our price analysis for March 1. On the other hand, the token is up by just 0.38% today.
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The data from CoinMarketCap shows that the trading volume of the token surged 3.81% in the last 24 hours, followed by a 0.43% rise in the market cap. Furthermore, the Market Dominance of the token rests at 0.91%, while the Volume / Market Cap Ratio has a value of 0.04784. Furthermore, the rank of Dogecoin is 13th in the crypto market.
The daily candle for the token opened at a price of $0.1340 and reached a daily high of $0.1356. Moreover, the daily low for the token stands at a price of $0.1320. It is also important to note that the price of 1 Dogecoin at the time of writing is $0.1334.
Dogecoin price analysis on the daily chart for March 2
Dogecoin price analysis on the daily chart for March 2 can be concluded on a sluggish note for the token as the current prices remain 81.91% low from the all-time high.
The MACD indicator shows that the MACD line is touching the signal line, which means that the chances of a bullish divergence are very high. This would turn the token bullish.
The RSI line has a value of 45.65 which means that the token might see newer lows in the near future. This is because, overall, the bears are in charge of Dogecoin.
The price action is testing the middle zone of the Bollinger Bands, which means that soon, the token might try to enter the bullish zone of the Bands.
Conclusion
Dogecoin price analysis for March 2 concludes on a bearish note for the meme coin whose performance in 2022 has disappointed investors.
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