Dogecoin prices were unable to push through $0.15 and aim for higher prices, as seen in our DOGE price analysis for Feb 16, 2020. The meme coin has major resistance at $0.17 but, it seems that the price action has found another resistance at $0.15. Elon Musk’s favorite cryptocurrency has been down more than 8% in the last 7 days, as seen in the Dogecoin price analysis for Feb 15, 2022.
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The daily candle for DOGE opened at a price of $0.1517 and which is also the daily high of the token. On the other hand, the token fell to the daily low of $0.1477 following a drop in trading volume. The price of 1 DOGE at the time of writing is $0.1494.
The data from CoinMarketCap shows that the trading volume of Dogecoin has dropped 25.89% in the last 24 hours, followed by a 0.51% drop in the market cap. Moreover, the Volume / Market Cap Ratio currently stands at a value of 0.02738, while the market dominance of the 11th biggest cryptocurrency in the market is 1%.
Dogecoin price analysis on the daily chart
In the 1-day chart below, investors can see 3 major indicators that are very important to predict the trajectory that any cryptocurrency or stock might follow in the near future.
The price action is in the middle zone of the Bollinger Bands, which means that if bulls don’t take over, we might see the token once again in the bearish zone.Â
On the other hand, the RSI level reads 49, which is just below the neutral zone. It can be concluded that the bears are in control while the bulls are also giving stiff competition.Â
Moreover, the MACD indicator shows that the MACD line (blue) is very close to the signal line (orange), which means that if bulls do not break above $0.15 and aim for $0.17 soon, the token might retest $0.13 in the near future.Â
Overall, TheCoinRise is definitely bullish on Dogecoin but, it is also important to note that Shiba Inu is outperforming DOGE, as seen in the SHIB price analysis for Feb 16 2022.
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