Dogecoin indicators show that chances of losing $0.11 still quite high

Dogecoin price analysis for March 17, 2022, comes on a bearish note for the token despite a 3% price surge in the last 24 hours. Moreover, the indicators of the token remain bearish but the token has once again reclaimed the 13th position in the cryptocurrency market. Furthermore, TheCoinRise noted in our DOGE price analysis for March 16, 2022, that the chances of reclaiming the $0.12 price level are pretty slim. 

The data from CoinMarketCap shows that the trading volume for Dogecoin surged by 17.71% in the last 24 hours, followed by a 3.34% rise in the market cap. Moreover, the Market Dominance of the token rests at 0.85%, while the Volume / Market Cap Ratio has a value of 0.03424.

The daily candle for Dogecoin opened at a price of $0.1170 and reached a daily high of $0.1194. It is also important to note that the daily low for the token stands at a price of $0.1161 and the price of 1 DOGE at the time of writing is $0.1168.

Dogecoin price analysis on the daily chart for March 17

Dogecoin price analysis on the daily chart for March 17 will make use of the three major indicators in the cryptocurrency market.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other but the former prevails. However, bears are still fighting tooth and nail. The MACD histogram is also slightly bullish but reversal might follow.

The RSI indicator shows a value of 41.33 which means that bears are in control overall and the gradient of the line suggests that lower prices will follow today. 

The price action is situated in the lower end of the Bollinger Bands which means that Dogecoin prices might break out in the near future. 

Conclusion

The Dogecoin price analysis for March 17 ends on a bearish note for the token which has been stuck in a downtrend for a long time.