Dogecoin trades below $0.12: DOGE prices set to touch $0.10

Dogecoin price analysis for March 11, 2022, confirms that the meme coin that is backed by the likes of Elon Musk remains bearish as the entire crypto space has been performing quite poorly. Most of the cryptocurrencies have tumbled more than 50% low than their all-time highs and it seems that the chances of DOGE turning bullish are very low. Moreover, as per our DOGE price analysis for March 10, 2022, DOGE is down by more than 11% on the monthly candle.

It is also important to note that the data from CoinMarketCap shows that the trading volume of the token has dropped over 10.37% in the last 24 hours, followed by a 0.39% increase in the market cap. Moreover, the Market Dominance of the token rests at 0.89%, while the Volume / Market Cap Ratio has a value of 0.02964.

The daily candle for Dogecoin opened at a price of $0.1215 and reached a daily high of $0.1219. Moreover, the daily low for the token stands at a price of $0.1183 as the price of 1 Dogecoin at the time of writing is $0.1188.

Dogecoin price analysis for March 11, 2022

Dogecoin price analysis for March 11, 2022, will be implemented using the 3 major indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as the former is below the latter. A bearish divergence is likely as DOGE might drop to $0.10.

Moreover, the RSI indicator shows a value of 36.15 which means that bears are in control and the gradient of the line is also negative which means that lower prices are possible.

The price action for Dogecoin might break out of the lower end of the Bollinger Bands as prices continue to progress in the bearish region.

Conclusion

Dogecoin price analysis for March 11, 2022, confirms that the meme coin might remain bearish and drop to the $0.10 price level in the coming days.