Dogecoin on the verge of losing $0.11 despite Elon Musk’s support

It seems that the Elon Musk magic is fading away when it comes to the price action of Dogecoin as the token continues to fail investors’ expectations. The token has dropped more than 80% from its all-time high which was noted on May 08, 2021 at a price of 0.7376 USD. As noted in our DOGE price analysis for March 14, a major support for DOGE is $0.11 which the token might lose as per

The data from CoinMarketCap shows that the trading volume for Dogecoin declined over 39.35% in the last 24 hours, followed by a 3.17% drop in the market cap. Moreover, the Market Dominance of the token rests at 0.86%, while the Volume / Market Cap Ratio has a value of 0.03218.

The daily candle for Dogecoin opened at a price of $0.1139 and reached a daily high of $0.1143. It is also important to note that the daily low for the token stands at a price of $0.1101 and the price of 1 DOGE at the time of writing is $0.1115.

Dogecoin price analysis on the daily chart for March 15

Dogecoin price analysis on the daily chart for March 15 will be using the 3 major indicators on the daily chart for the meme coin.

Source: TradingView

The MACD indicator says that the MACD line and the signal line are very close to each other as the latter is above the former. This means that prices remain stagnant for Dogecoin.

The RSI indicator shows a reading of 34.67 which means that chances of a bearish drop are quite high. Moreover, the gradient of the line is quite negative which means lower prices are possible.

The price action is situated in the lower end of the Bollinger Bands which means that a bearish breakout might be around the corner for Dogecoin.

Conclusion

The Dogecoin price analysis for March 15, 2022, ends on a stagnant note for the token has $0.11 support is expected to break in the coming days.