Dogecoin finds major resistance at $0.14: Buy now for $1?

Dogecoin price analysis for Feb 28, 2022, opens on a bearish note for the meme coin as the token has failed to claim prices above $0.12. The token had important support at $0.12, which was reclaimed in our DOGE price analysis for Feb 25. Moreover, the DOGE token is 83.13% low from the all-time high witnessed on May 08, 2021. 

The data from CoinMarketCap shows that the trading volume of the token surged 34.62% in the last 24 hours, followed by an 0.61% drop in the market cap. Furthermore, the Market Dominance of the token rests at 0.95%, while the Volume / Market Cap Ratio has a value of 0.0372. Another important fact to note is that Dogecoin has fallen to the 13th position in the crypto market. 

The daily candle for the token opened at a price of $0.1230 and reached a daily high of $0.1250. Moreover, the daily low for the token stands at a price of $0.1213. It is also important to note that the price of Dogecoin at the time of writing is $0.1240.

Dogecoin price analysis for Feb 28 on the daily chart

Dogecoin price analysis for Feb 28 can be concluded on a bearish note as the token turns the $0.12 price level into a support region.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line, which means that the bears are in charge. The MACD histogram is also bearish with red bars. 

The RSI line shows a value of 36.35, while there is a positive gradient in the line for today. Moreover, there are chances of another price fall. 

The price action for Dogecoin is situated in the lower region of the Bollinger Bands, which means that the sellers are in control. 

Conclusion

Dogecoin price analysis for Feb 28 can be concluded on a bearish note for the token, but it is imperative that the $0.12 support retains, or prices might crash further.