DOGE Technical Analysis – March 2022
Dogecoin (DOGE) had gone as high as $0.34 in October of 2021. After that, the price went downhill. It declined by around 60% in the last couple of months of 2021, ending the year in a relatively bearish nature.
At the start of the new year, DOGE tried to recover. The price went as high as $0.21 after an increase of more than 50%. Nonetheless, the momentum remained bearish for DOGE as the price continued to decline.
The same could be said for February as well. DOGE was overall bearish during this month, where the price has reached its lowest point in about 10 months. After recently finding support at around $0.10, DOGE slightly recovered recently, and it is currently trading at around $0.13. Nonetheless, the price is facing resistance at the upper trend line of the daily chart.
The fear and greed index sows signs of fear for DOGE traders, meaning that Dogecoin is bearish. Additionally, Dogecoin’s price movement in recent months has created a descending wedge pattern, indicating that a breakout may occur soon in the coming weeks.
Key Structures
Support
- $0.10
Resistance
- $0.14
Indicators
Moving Average
Both the 50-MA and the 20-MA of a 1-day chart are above the current price of DOGE, indicating that the trend is bullish in the longer run. Hence, the price of DOGE could keep declining in the coming weeks.
The 9-EMA of a 1-day chart, however, is currently below the price of DOGE, suggesting that the shorter-term trend is now upward and that the price may continue rising in the coming days. The EMA line could also act as support to the price of DOGE. Nonetheless, the price is still bearish.
Relative Strength Index
The RSI of a 1-day chart is currently slightly below 50, meaning that there is room for the price of DOGE to fluctuate in the coming days. It recently went close to 30, but it did not become oversold, meaning that the selling pressure has declined for Dogecoin.
MACD
The MACD line of a 1-day chart is now slightly above the signal line after the recent convergence of the two. While the MACD line is still below the baseline, the momentum could now be bullish for DOGE if it keeps this rate of growth.
Fibonacci
The Fibonacci retracement levels of a 1-day chart suggest that the price of DOGE is currently facing resistance at the 50% Fibonacci level. While this might not be a widely recognized Fibonacci level, it often appears to be quite accurate among expert analysts.
Price Prediction DOGE – March 2022
Based on this technical analysis on Dogecoin (DOGE), the price of DOGE could keep declining in the coming days if DOGE fails to break our projected resistance. If that’s the case, then DOGE could go below $0.10 and close to $0.08 in the coming days/weeks. Nonetheless, the price of DOGE might be largely affected by the price movement of BTC as well. If the latter maintains its position above $40,000 and has a sudden surge in the coming days, we could see the same happen to DOGE.
Latest News for DOGE – Affecting Price
Recent conflicts between Russia and Ukraine have played a huge role in the recent price movement of many cryptocurrencies, including Dogecoin. The current FUD caused by this conflict could be everlasting, hence the selling pressure at the moment is quite high. Because of the presumable war, there is more need for liquid assets such as cash, therefore many people are withdrawing their cryptocurrencies, which then leads to a decrease in the prices of those cryptocurrencies.
Nonetheless, a recent announcement from Government officials of Ukraine could prove to be vital for both Ukraine and Dogecoin. The Vice Prime Minister of Ukraine has recently stated that Ukraine is now accepting donations in Dogecoin. Not only that this could help Ukraine have a better chance of winning the war, but it also could lead to an increase in the price of DOGE as many people may want to contribute.
@dogecoin exceeded Russian ruble in value. We start to accept donations in meme coin. Now even meme can support our army and save lives from Russian invaders. $DOGE owners of the world, @elonmusk, @BillyM2k, let’s do it. Official $DOGE wallet: DS76K9uJJzQjCFvAbpPGtFerp1qkJoeLwL
— Mykhailo Fedorov (@FedorovMykhailo) March 2, 2022
Moreover, Elon Musk is still pushing on potentially convincing McDonald’s to accept payments in DOGE. This could be seen from a recent comment that Elon did on his Twitter account. As influential as Musk is, and as successful as McDonald’s has been throughout the decades, the potential implementation of Dogecoin in McDonald’s could hugely boost the price of DOGE.
— Elon Musk (@elonmusk) March 2, 2022