Dogecoin reclaims $0.12: Another retacement towards $0.10 possible?

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Dogecoin price analysis for Feb 25, 2022, can be confirmed on a bullish note, but there are chances that the token might once again turn bearish, as indicators confirm. As seen in our DOGE price analysis for Feb 24, the token dropped to the $0.10 price level, which was retained as support. The fall in prices was a result of the Russia-Ukraine conflict.

The data from CoinMarketCap shows that the trading volume of the token surged 7.51% in the last 24 hours, followed by an 11.52% rise in the market cap. Furthermore, the Market Dominance of the token rests at 0.95%, while the Volume / Market Cap Ratio has a value of 0.08436. Dogecoin is currently the 12th biggest cryptocurrency in the market. 

The daily candle for the token opened at a price of $0.124 and reached a daily high of $0.125. Moreover, the daily low for the token stands at a price of $0.1211. It is also important to note that the price of Dogecoin at the time of writing is $0.1233. 

Dogecoin price analysis for Feb 25 on the daily chart

Dogecoin price analysis for Feb 25 on the daily chart will be implemented using three major indicators, which form a major component of technical analysis.

Dogecoin price analysis

Source: TradingView

The RSI line continues making a downtrend. This means that lower prices are still possible, and it is possible that $0.12 doesn’t hold as support. 

The MACD indicator shows that the MACD line remains below the signal line, which means that lower prices are possible in the near future. 

The price action might be aiming to break out from the lower end of the Bollinger Bands, which would mean that Dogecoin might drop to the $0.10 price zone once again. 

Conclusion

Dogecoin price analysis for Feb 25, 2022, can be concluded on a bullish note, but the indicators say that a move towards $0.10 is possible. Therefore, investors are asked to be patient and wait before buying.

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