Dogecoin jumps 5% but investors hoped for more: DOGE to remain bearish?

Dogecoin price analysis for March 1, 2022, comes on a bearish note for the meme coin as the token has continued to follow a bearish trajectory. Moreover, as witnessed in our DOGE price analysis for February 28, the token has major resistance at $0.14, and it seems that the $1 dream of investors is gradually fading away as the performance of the coin remains disappointing.

The data from CoinMarketCap shows that the trading volume of the token surged 33.16% in the last 24 hours, followed by a 5.76% rise in the market cap. Furthermore, the Market Dominance of the token rests at 0.91%, while the Volume / Market Cap Ratio has a value of 0.04829. Another important fact to note is that the current position of Dogecoin in the crypto market is 13th.

The daily candle for the token opened at a price of $0.1334 and reached a daily high of $0.1345. Moreover, the daily low for the token stands at a price of $0.1297. It is also important to note that the price of 1 Dogecoin at the time of writing is $0.1314.

Dogecoin price analysis on the daily chart for March 1

Dogecoin price analysis on the daily chart for March 1 can be concluded on a bullish note for the token, but overall, the prices remain bearish.

Source: TradingView

The MACD line is touching the signal line, which means that a bullish divergence is possible if Dogecoin reclaims $0.14. 

The RSI line reads a value of 44.15 which means that lower prices might be possible in the coming days as bears remain in control. 

The price action remains in the lower end of the Bollinger Bands, which means that the selling pressure dominates overall. 

Conclusion

Dogecoin price analysis for March 1, 2022, can be concluded on a bullish note for the token, but it is also important to note that the meme coin needs to reclaim $0.14 and break the $0.17 resistance to confirm an uptrend.