Dogecoin loses $0.13 support: DOGE might fall back to $0.10

Dogecoin price analysis for March 4, 2022, confirms that the token has turned bearish as the important support of $0.13 has been lost, and now, the bears might take the token as low as $0.10 if similar conditions prevail. As noted in our DOGE price analysis for March 3, 2022, the investors in the meme coins might need to change tactics if they want to make money off this coin. 

The data from CoinMarketCap shows that the trading volume of the token dropped 11.07% in the last 24 hours, followed by a 3.53% drop in the market cap. Furthermore, the Market Dominance of the token rose to 0.92%, while the Volume / Market Cap Ratio has a value of 0.03479.

The daily candle for the token opened at a price of $0.1297 and reached a daily high of $0.1302. Moreover, the daily low for the token stands at a price of $0.1248. It is also important to note that the price of 1 Dogecoin at the time of writing is $0.1267.

Dogecoin price analysis on the daily chart for March 4

Dogecoin price analysis on the daily chart for March 4 will be implemented using the three major indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line, which means that lower prices are possible. On the other hand, the MACD histogram is also bearish.

The RSI line shows a value of 40.38 which means that overall price action is bearish as the selling pressure remains high. The gradient of the line is negative, which means that traders might lose money on this coin.

The price action for Dogecoin has dropped to the lower end of the Bollinger Bands, which means that the token will see lower prices in the coming days.

Conclusion

The Dogecoin price analysis for March 4 can be concluded on a bearish note for the meme coin as it fails to hold $0.13 as support.