Dogecoin price analysis: DOGE volume drops, prices below $0.16

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Dogecoin price analysis on the daily candle for Feb 9, 2022 confirms that the nearest resistance for the token is $0.16, a level that the token lost due to failure to break into the $0.17 resistance zone, as seen in our Dogecoin price analysis for Feb 8, 2022. The meme coin has had a very good 2021 but for 2022, the token is nearly 78.43% low from its all-time high of 0.7376 USD witnessed on May 8, 2021.

The data from CoinMarketCap shows that the trading volume of the token dropped 59.12% in the last 24 hours followed by a 1.37% rise in the market cap. The Volume / Market Cap Ratio stands at a value of 0.03616 along with a market dominance of 1.04%. The current market rank of the token is 12. 

Dogecoin entered Feb on a bullish note as volume doubled up, as per our Dogecoin price analysis for Feb 7, 2022. Moreover, the chances of DOGE breaking above $0.16 are high if the volume surges for today. For now, the price of DOGE at the time of writing is $0.1586. 

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It is also important to note that Dogecoin price analysis for the long term is bullish as the Dogecoin Foundation had recently revealed the first roadmap for the project.

Dogecoin price analysis on the daily candle

The price action for DOGE tried to break out from the upper end of the Bollinger Bands, as seen in the chart below.

Source: TradingView

Moreover, the 50-day and 100-day Moving Averages continue to remain as price resistances. The former has been reclaimed by the token which confirms that DOGE aims to form an uptrend.

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Source: TradingView

Conclusion

Dogecoin price analysis on the daily chart shows that the token is gradually turning bullish. Moreover, TheCoinRise noted that Dogecoin (DOGE) announced its ambitions to switch to Proof-of-Stake and also asked Ethereum co-founder Vitalik Buterin to join the team. Furthermore, Dogecoin has been widely popular because of support from Elon Musk, whose automobile firm, Tesla, decided to accept DOGE as payment for merchandise.

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