Dogecoin falls below $0.12: Indicators show that $0.10 is possible

Dogecoin price analysis for March 7, 2022, comes on a bearish note for the token as it has failed to break above $0.14 on multiple occasions, and the prices did not hold above $0.13, and now, the $0.12 support is also broken. On the other hand, the DOGE price analysis from March 4 confirms the onset of another downtrend for the token.

The data from CoinMarketCap shows that the trading volume of the token surged by a whopping 54.78% in the last 24 hours, followed by a 4.72% drop in the market cap. Moreover, the Market Dominance of the token has risen to 0.93%, while the Volume / Market Cap Ratio has a value of 0.02905.

The daily candle for the token opened at a price of $0.1207 and reached a daily high of $0.1210. Moreover, the daily low for the token stands at a price of $0.1181. It is also important to note that the price of 1 Dogecoin at the time of writing is $0.1193.

Dogecoin price analysis on the daily chart for March 7

Dogecoin price analysis on the daily chart for March 7 will discuss the top 3 indicators in the crypto space. 

Source: TradingView

Dogecoin price analysis shows that the MACD line is touching the signal line as the chances of the token reclaiming the $0.12 price level are quite bleak. The MACD histogram is gradually turning red.

The RSI line has a value of 36.13 as the gradient of the line has turned negative. This means that lower prices are possible, further hinting at the fact that Dogecoin might drop to $0.10 price support. 

The price action is moving in the lower end of the Bollinger Bands, which means that lower prices are possible in the coming days. The possibilities of a bearish breakout are very high. 

Conclusion

The Dogecoin price analysis concludes on a bearish note for March 7, and chances of Dogecoin dropping to $0.10 are very high.