Dogecoin rebounds from $0.11 but chances of reclaiming $0.12 are slim

Dogecoin price analysis for March 16, 2022, confirms that after a number of days of threatening to break the $0.11 price support, the meme coin rebounded strongly but failed to reclaim the $0.12 price level. The chances of losing $0.11 are still high unless DOGE reclaims $0.12 and makes a move towards $0.15. On the other hand, the DOGE price analysis for March 15 noted that $0.11 has turned into a strong support.

The data from CoinMarketCap shows that the trading volume for Dogecoin declined over 48.55% in the last 24 hours, followed by a 1.42% rise in the market cap. Moreover, the Market Dominance of the token rests at 0.85%, while the Volume / Market Cap Ratio has a value of 0.02805.

The daily candle for Dogecoin opened at a price of $0.1126 and reached a daily high of $0.1161. It is also important to note that the daily low for the token stands at a price of $0.1121 and the price of 1 DOGE at the time of writing is $0.1149.

Dogecoin price analysis on the daily chart for March 16

Dogecoin price analysis on the daily chart for March 16 can be implemented using the following indicators witnessed on the chart below:

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are quite close to each other and chances of a bearish breakout are relatively high. The MACD histogram is also slightly bearish.

The RSI shows a reading of 38.77 while the line has started making an uptrend and the gradient for today is quite positive. This means that higher prices might follow.

The price action is situated in the lower end of the Bollinger Bands which means that the chances of Dogecoin breaking out of the lower end are high if $0.11 is lost as support.

Conclusion

Dogecoin price analysis for March 16, 2022, concludes on a bearish note for the meme coin as chances of losing $0.11 are still substantial.