Dogecoin price analysis: DOGE struggles to break $0.17

Dogecoin price analysis for Feb 8, 2022, confirms a sluggish movement for the meme coin. The token has failed to break into the $0.17 price region, which remains a major price resistance. The DOGE token did try to break into the $0.17 price region on Feb 7, 2022, but failed to do so. It seems that a higher volume is needed to break above this region. We will once again see DOGE aim for $0.17 in the coming days.

Dogecoin has been popular and one of the most trending tokens in the past year. The token was created as a joke, but with the support of Elon Musk, Dogecoin created a buzz on Google, as per a recent report from TheCoinRise. Elon Musk, the winner of TIME’s Person of the Year, recently said that Dogecoin is a better cryptocurrency for transactions. Recently, Musk’s Tesla started accepting Dogecoin for payments.

The data from CoinMarketCap shows that the token started the day at a price of $0.1653 and reached a daily high of $0.1711. The trading volume of the meme coin rose 54.54%, followed by a 5.79% surge in the market cap. The Market Dominance of the token rose above 1%, while the Volume / Market Cap Ratio stands at 0.07916.

Dogecoin price analysis on the daily chart

Dogecoin price analysis on the daily chart below shows that the MACD line (blue) broke above the signal line (orange), which shows that bulls are in charge.

Source: tradingview

The price action broke from the upper end of the Bollinger Bands confirming that DOGE is now forming an uptrend.

Source: tradingview

Conclusion

Our Dogecoin price analysis can be concluded on a bullish note in the long term. The Dogecoin Foundation has revealed an eventful roadmap for the Dogecoin project, which will increase the utility of the token and remove its status as a meme coin. Meanwhile, the DOGE killer SHIB has been outperforming Dogecoin.