Dogecoin finally able to reclaim $0.12 price zone: Where to aim next?

Dogecoin price analysis for March 22, 2022, comes on a slightly bullish note for the “People’s crypto” as the meme coin has surged nearly 2.63% in the last 24 hours while the other altcoins have been performing better. It seems that the other cryptocurrencies in the crypto space might eventually chase DOGE out of the top 15 cryptocurrencies. As noted in our Dogecoin price analysis for March 21, the 0.12 price level is an important zone for the price action of DOGE.

The data from CoinMarketCap shows that the trading volume for Dogecoin has jumped by 20.02% in the last 24 hours, followed by a 2.69% surge in the market cap. Moreover, the Market Dominance of the token has dropped to 0.84%, while the Volume / Market Cap Ratio has a value of 0.03135.

The daily candle for Dogecoin opened at a price of $0.1193 and reached a daily high of $0.1239. Furthermore, the daily low for the token stands at a price of $0.1186 and the price of 1 DOGE at the time of writing is $0.1228.

Dogecoin price analysis on the daily chart for March 22

Dogecoin price analysis on the daily chart for March 22 will be implemented using some of the major indicators in the crypto space which can be seen integrated into the chart below.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line which means that the bulls are in control. On the other hand, the histogram of the MACD indicator is also bullish.

The RSI indicator on the daily chart shows a value of 49.81 which means that the bulls and the bears are evenly matched and chances of a bearish breakout are equally possible. 

The price action is situated in the upper end of the Bollinger Bands but the length of the Bands is very low. This means that the chances of prices remaining bearish are quite high.

Conclusion

The Dogecoin price analysis for March 22 confirms that the meme coin might turn $0.12 into support which needs to hold.