Dogecoin price analysis: DOGE unable to push through $0.17

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Dogecoin price analysis for Feb 10, 2022, comes with a sluggish analysis for the day because the entire crypto market seems to have stuck below important resistances. The crypto market is known to copy the movement of Bitcoin, the world’s biggest cryptocurrency. As per our Bitcoin price analysis for Feb 10, the token stuck is below the important resistance of $45K, and as a result, DOGE is also stuck below $0.17 resistance.

Dogecoin has been following a bullish streak this month, and in terms of market cap, it has outperformed its competitor meme coin, Shiba Inu (SHIB), as per our Dogecoin price analysis for Feb 7, 2022. Moreover, the current market rank of the token stands at 12 and aims to reclaim its 10th position in the near future. 

The data from CoinMarketCap shows that DOGE opened the daily candle at a price of $0.1594 and reached a daily high of $0.1607. On the other hand, the daily low for the token stands at a price of $0.1558. The trading volume of the token overall rose 8.88% in the last 24 hours, followed by a 0.90% rise in the market cap. Moreover, the Volume / Market Cap Ratio currently stands at a value of 0.04272, while the Market Dominance is currently at 1.04%.

Dogecoin price analysis on the daily chart

The price chart below shows that DOGE broke through the upper region of the Bollinger Bands but failed to maintain the bullish outburst.

Dogecoin price analysis

Source: TradingView

The RSI line shows that the buyers are in control as the RSI line continues making higher highs. The buying pressure is defeating the selling pressure for now. The gradient is slightly negative, which indicates that the prices will remain sluggish for today.

Dogecoin price analysis

Source: TradingView

Conclusion

Dogecoin price analysis on the daily chart can be concluded on a sluggish note for today because the token has not been able to break above its resistance at the $0.16-$0.17 zone, also witnessed on our Dogecoin price analysis for Feb 9, 2022.

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