Dogecoin retesting $0.14 support, DOGE fans enjoy buy the dip

Dogecoin price analysis for Feb 14, 2022, brings a bearish analysis for the meme coin. Furthermore, DOGE fans might witness a drastic fall in prices for the token if the support at $0.14 breaks. At the moment, the token is retesting the $0.14 price level, and 1 DOGE costs $0.1442. On the other hand, the rival meme coin, Shiba Inu, is outperforming DOGE as seen in the Shiba Inu price analysis for Feb 14. 

The data from CoinMarketCap shows that the trading volume of the token rose 137.59% in the last 24 hours followed by a 6.53% in the market cap. This confirms that there was a surge in selling volume. Moreover, the Market Dominance of DOGE stands above 1.03% while the Volume / Market Cap Ratio stands at a value of 0.08967. 

The daily candle for Dogecoin opened at a price of $0.1481 and reached a daily high of $0.1506. Moreover, the daily low for the token stands at $0.1427. The nearest support is $0.14 while the nearest major resistance is 0.17.

Dogecoin price analysis on daily chart

Dogecoin price analysis on the daily chart shows that the bulls are retesting the middle zone of the Bollinger Bands but have failed to break above it, turning the daily candle red.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is very close to the signal line (red) which means that a bearish divergence is possible.

Source: TradingView

The RSI line progresses in the bearish zone with a negative gradient which means that lower prices are very much possible.

Source: TradingView

Conclusion

It is a fact that investors are bullish on Dogecoin and hence, DOGE is a good long-term investment. However, for Feb 14, 2022, the price movement of the meme coin is definitely bearish which means that if selling volume continues to surge, investors can expect DOGE to drop below $0.14. Looking from a HODLer’s perspective, this is a very good time to buy Dogecoin.