Dogecoin price analysis: DOGE holding strong at $0.146

Dogecoin price analysis for February 6, 2022, comes with a sluggish analysis for investors as the token is holding strong at price support of $0.146. Moreover, Dogecoin has broken the previous resistance at $0.1426, as seen in the Dogecoin price analysis for February 5, 2022.

Dogecoin turned bullish after the Dogecoin Foundation revealed the first-ever roadmap for the token. Moreover, it seems that the Foundation has planned the coming months for DOGE, which might lead to an eventful 2022 for Dogecoin. Furthermore, the Foundation has also added Ethereum co-founder, Vitalik Buterin, to build an innovative community staking proposal based on PoS. 

It seems that Dogecoin might retest its previous all-time high at $0.7376 in the coming months. The data from CoinMarketCap shows that the trading volume of the token dropped 29.46%, with a 1.94% drop in the market cap.

With Bitcoin, the world’s biggest cryptocurrency, breaking above $41K, the entire crypto market has confirmed a bullish February. However, on average, many major cryptocurrencies have retraced 50% from their all-time highs due to the recent Bitcoin dip, when BTC went below $40K.

Dogecoin price analysis on the daily chart

Dogecoin price analysis on the daily chart shows that the meme coin has been shorted by investors seen from the Accumulation/Distribution line below. However, gradually, Tesla accepting Dogecoin might turn things around for Dogecoin. 

Source: TradingView

The RSI level on the chart below confirms that the RSI line is still under the influence of bears with a negative gradient and reads 46.60. To prove bullishness, DOGE must break above $0.15 and above the 50-RSI.

Source: TradingView

Conclusion

Elon Musk, the world’s richest man, has been supporting Dogecoin for a long. He believes that DOGE is better for transactions than Bitcoin, as TheCoinRise recently reported. On the whole, with the institutional backing of Tesla, one of the biggest automobile companies, TheCoinRise, concludes the Dogecoin price analysis on a bullish note.