Dogecoin stuck in a downtrend: DOGE eyes $0.14

Dogecoin price analysis for Feb 23, 2022, confirms that the token remains sluggish in the last 24 hours and has dropped to the 12th position in the market from the 11th. The meme coin hasn’t been able to cope with the bullish market for the day with a mere 2% surge in the last 24 hours. The token fell as low as $0.12, as seen in our Dogecoin price analysis for Feb 23.

The data from CoinMarketCap shows that the trading volume of the token has dropped by a whopping 43.25% in the last 24 hours followed by a 3.18% rise in the market cap. Moreover, the Market Dominance of the token currently rests at 12.66%, while the Volume / Market Cap Ratio has a value of 0.03147. 

The daily candle for Dogecoin opened at a price of $0.1313 and reached a daily high of $0.1356. Moreover, the daily low for the token stands at $0.1299. The price of 1 DOGE at the time of writing is $0.1335. 

Dogecoin price analysis on the daily chart for Feb 23

Dogecoin price analysis for Feb 23 can be implemented using 3 major indicators which will also help us predict the future price trajectory for the token.

Source: TradingView

The MACD indicator shows that the MACD line (blue) remains below the signal line (orange) which is a bearish scenario for prices as the MACD histogram is also red. 

The RSI reads 40.82 and the gradient of the line is possible, which means that higher prices are possible for the meme coin. 

The price action for Dogecoin failed to break out from the lower end of the Bollinger Bands and have now started to make a move towards the bullish region of the Bands.

Conclusion

Dogecoin price analysis for Feb 23, 2022, confirms that the token is bullish but nothing can be confirmed until DOGE reclaims $0.14 and makes a move towards $0.17, which has been a major resistance for the meme coin.