Dogecoin remains below $0.13: DOGE holders being overrun by bears

Dogecoin price analysis for March 9, 2022, confirms that the token is still stuck in a bearish trend as the meme coin has continuously failed to break above the $0.13 price level and aim for $0.17. Moreover, the data from our DOGE price analysis for March 8, 2022, showed us that if similar conditions prevail, we might see Dogecoin drop to $0.10 support. On the other hand, the token is currently ranked 13th in the crypto market. 

The data from CoinMarketCap shows that the trading volume of the token has risen by around 7.12% in the last 24 hours, followed by a 2.41% increase in the market cap. Moreover, the Market Dominance of the token has fallen to 0.88%, while the Volume / Market Cap Ratio has a value of 0.03327.

The daily candle for Dogecoin opened at a price of $0.1168 and reached a daily high of $0.119. This shows that the $0.12 is now a resistance level. Moreover, the daily low for the token stands at a price of $0.1163. The price of 1 Dogecoin at the time of writing is $0.1186.

Dogecoin price analysis on the daily chart for March 9

Dogecoin price analysis on the daily chart for March 9 will be painting the full picture of the DOGE token price trajectory.

Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line which means that the former might break above the latter if volume continues to surge. 

The RSI has a value of 40.68 which means that the bears are in control overall. Moreover, the gradient of the line is positive which means that higher prices are possible. 

The price action is situated in the lower end of the Bollinger Bands which means that the selling pressure is in control as chances of trend reversal are moderate.

Conclusion

The Dogecoin price analysis for March 9, 2022, confirms that the meme coin might aim for $0.13 today and reclaim $0.14 in the near future.