The price analysis for the meme cryptocurrency for March 10 shows the bearish market trend and the possibility of further price decline.
As of March 8, the price of Dogecoin was $0.1220, with the DOGE/USD value of the meme token experiencing a massive downward trend culminating in the price of Dogecoin plummeting down to $0.1153.
The price of the canine cryptocurrency rose to $1.250 on March 9 but was unable to maintain its momentum by falling further to $1.203 before the end of the day.
A subsequent trend follows the price review for March 10 as the price of Dogecoin continued to fall, which saw it crash to $0.1163, indicating that the value of DOGE has been down by 5.57% over the past 24 hours. The trading volume for the day is $502,997,728.
The popular meme is currently trading at $0.1163 with a market cap of $15, 372, 506, 830, and occupies 13th place in market performance.
Recent Price Analysis For DOGE/USD
The recent price review for Dogecoin shows the market volatility after a brief market recovery. After a slight rebound in price, Volatility like this indicates another volatile price trend for the meme cryptocurrency.
It appears that the price of the pair of DOGE/USD is becoming vulnerable in situations where there is an extreme change in market futures. Alternatively, the upper limit is shown in the Bollinger’s bandstands at $0.1240 points to a strong resistance for the DOGE token. The Bollinger’s band lower limit is displayed at $0.1146, showing strong support for DOGE.
The pair’s price seems to be crossing beneath the curve of the Moving Average (MA), which implies an imminent bearish movement.
By tracing the direction of the DOGE/USD, it can be easily deduced that the price is moving toward the support zone. Should the movement continue in the coming days, the market will likely lose its momentum and reverse the already established market dynamics.
That said, the market at present is moving at a bearish zone, decreasing the value of the meme cryptocurrency.
DOGE/USD price chart. Source: TradingView
The Relative Strength Index (RSI) of Dogecoin stands at 37, suggesting that age assets are presently undervalued and falling further into the depreciation zone. As the RSI moves in a linear slope, there is a market decline and a dominant selling action.
Dogecoin Value Continue To Decline
Available market metrics point to a continuous bearish trend with both the resistance and support moving toward one another. The price of the meme coin will keep on being volatile pending when the volatile market dynamics cease showing.
The upper zone of the Bollinger band presently stands at $0.1402, which serves as a strong resistance for DOGE. While at the lower limit, the Bollinger’s band depicts a modest $0.1136, which is the most robust support for the popular meme token.
In concluding Thursday’s price analysis for Dogecoin, it is worthy to note that the DOGE is in a bearish period which can probably be reversed in the next few days.