Dogecoin nears $0.10: DOGE Army might witness another crash

Dogecoin price analysis for March 8, 2022, shows that the token remains bearish despite the meme coin is one of the most popular cryptocurrencies with support from the likes of Elon Musk. Moreover, the token is nearly 83.89% low from the all-time high witnessed on 0.7376 USD. The DOGE price analysis from March 7 showed that the token lost a $0.12 price level and also the 11th position in the crypto space.

The data from CoinMarketCap shows that the trading volume of the token has risen by around 9% in the last 24 hours, followed by a 0.55% decrease in the market cap. Moreover, the Market Dominance of the token has fallen to 0.91%, while the Volume / Market Cap Ratio has a value of 0.03182.

The daily candle for Dogecoin opened at a price of $0.1168 and reached a daily high of $0.119. This shows that the $0.12 is now a resistance level. Moreover, the daily low for the token stands at a price of $0.1163. The price of 1 Dogecoin at the time of writing is $0.1186.

Dogecoin price analysis on the daily chart for March 8

Dogecoin price analysis on the daily chart for March 8 will try to trace the future prices for DOGE using 3 indicators. 

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line which means that chances of DOGE breaking $0.12 are very low. The MACD indicator is also bearish with red bars.

The RSI line shows a value of 36.87 which means that the selling pressure is indeed high and a move towards $0.10 is very much likely. The gradient of the line is slightly positive for today, lower prices might follow for Dogecoin.

The price action is situated in the lower end of the Bollinger Bands which means that the chances of Dogecoin prices crashing are very high in the near future.

Conclusion

The Dogecoin price analysis for March 8, 2022, confirms that the token has turned bearish and might follow a bearish path towards $0.10.