Dogecoin price analysis: DOGE shoots 6% as trading volume doubles up

Dogecoin price analysis for Feb 7, 2022, comes with an optimistic outlook as the meme coin has taken over the market with a 6% rise in prices in the last 24 hours. The popularity of the token can be attributed to the fact that Elon Musk has been one of the most notable backers of the meme coin. On the other hand, it is also important to note that DOGE has outperformed rival meme coin Shiba Inu in terms of market cap, as seen in our SHIB price analysis for Feb 6, 2022.

The data from CoinMarketCap shows that the trading volume of the token shot up 145.45%, followed by a 6.18% surge in the market cap. Moreover, the Market Dominance of DOGE stands at 1.06%, and the Volume / Market Cap Ratio is at 0.05592. 

The nearest target for Dogecoin, as per our Dogecoin price analysis for Feb 7, 2022, was $0.15. The meme coin was able to break above this region, and at the time of writing, the price of 1 DOGE was $0.1571. As seen in our previous report from Feb 5, $0.15 was an important resistance level. Our Dogecoin price analysis believes that the next step for DOGE would be to confirm $0.15 as support.

Dogecoin price analysis on the daily chart

Dogecoin price analysis for Feb 7, 2022, shows that the future of Dogecoin is indeed quite bright. The token has remained trending on Google for 2021, as per a previous report from TheCoinRise.

The MACD indicator below shows a bullish divergence for DOGE, which confirms that bulls are in charge, and the next aim would be to conquer $0.16.

Source: TradingView

The Accumulation/Distribution line below confirms that after a huge sell-off/distribution, the A/D line is once again trying to make higher highs.

Source: TradingView

Conclusion

The Dogecoin Foundation has released a roadmap for the Dogecoin project and is taking the help of Vitalik Buterin for further development and creation of “community staking.” On the whole, Dogecoin price analysis in the long term is definitely bullish.