Dogecoin price analysis for Feb 17, 2022, confirms that the bears are becoming strong again and are feeding off the bulls. The DOGE price analysis from Feb 16, 2022, shows that the meme token aimed to push through $0.15 but failed to do so. Also, the token has rebounded from the nearest support of $0.142.
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The data from CoinMarketCap shows that the trading volume of the token dropped 24.64%, while the market cap of the token dropped 1.35% in the last 24 hours. Furthermore, the Market Dominance of the meme coin rests at 1.00%, while the Volume / Market Cap Ratio currently stands at a value of 0.02426.
The daily candle for Dogecoin opened at a price of $0.1487 and reached a daily high of $0.15. Meanwhile, the token was unable to maintain $0.15 and dropped to the daily low of $0.1463. The current price of the meme coin is $0.1471, which is 80.02% low than the all-time high.
Dogecoin price analysis on the daily chart for Feb 17, 2022
In the following chart, we will use 3 major indicators which will help investors determine the future prices for the token.
The RSI level for Dogecoin shows that the line is progressing with a negative gradient which means that lower prices are possible for the token. It also means that there are chances that DOGE might fall below $0.14. Also, the MACD histogram is bullish with green candles.
The MACD indicator shows that the MACD line (blue) is very close to the signal line (orange), which means that if the prices don’t turn bullish soon, the meme coin might see a bearish divergence.
The prices are falling from the upper end of the Bollinger Bands and now testing the middle zone. It is possible that prices fall below this zone which would mean that bears are in control of the prices.
Conclusion
Dogecoin price analysis for Feb 17, 2022, can be concluded on a bearish note, and if the token doesn’t turn bullish soon and push above $0.15 towards $0.17, there is a huge chance that the bearish trend will continue.
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