Dogecoin following a short-term uptrend but stuck in a downtrend in the longer run

Dogecoin price analysis for March 23, 2022, confirms that the meme coin has turned bullish in a shorter time frame but the chances of the token turning bullish in the longer time frame are low. It is also important to note that the DOGE price analysis for March 22, 2022, confirmed that it was able to reclaim the $0.12 price level after a few bullish candles. However, the token is still more than 80% low than its all-time high of $0.73 noted in the month of May last year.

The data from CoinMarketCap shows that the trading volume for Dogecoin has jumped by 6.57% in the last 24 hours, followed by a 0.81% drop in the market cap. Moreover, the Market Dominance of the token has surged to 0.85%, while the Volume / Market Cap Ratio has a value of 0.03396.

The daily candle for Dogecoin opened at a price of $0.1224 and reached a daily high of $0.1233. Furthermore, the daily low for the token stands at a price of $0.1210 and the price of 1 DOGE at the time of writing is $0.1221.

Dogecoin price analysis on the daily chart for March 23

Dogecoin price analysis on the daily chart for March 23 will make use of the 3 major indicators in the crypto space. 

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line which means that the buyers are in control. Moreover, the MACD histogram is also bullish.

The RSI indicator reads a value 48.99 which means the selling pressure is still very high. On the other hand, the gradient of the line suggests that sluggish prices will continue in the near future for Dogecoin.

The price action for DOGE failed to break out from the upper end of the Bollinger Bands as trading volume dropped, seen in the figure above.

Conclusion

The Dogecoin price analysis for March 23, 2022, ends on a bearish note for the meme coin but chances of retaining $0.12 are quite high.