On March 12, 2023, Dogecoin’s price analysis reveals that the meme cryptocurrency has been experiencing an upward trend over the last 48 hours. On March 11, 2023, its price rose from 0.0626 to $0.0685, and it has continued to rise today. At the time of writing, Dogecoin is currently trading at $0.0690 and showing a bullish movement.
As of March 12, 2023, Dogecoin has a 24-hour trading volume of $669.69 million, a market cap of $9.10 billion, and a market dominance of 0.92%. Its current price is $0.068561, which is a 3.68% increase in price over the last 24 hours. Dogecoin’s all-time high was recorded on May 8, 2021, at $0.738595, while its all-time low was on May 7, 2015, at $0.00008547. Its lowest price since the last cycle low was $0.049701, and its highest was $0.156883 at its cycle high. Currently, the sentiment for Dogecoin’s price prediction is bearish, with a Fear & Greed Index rating of 33.
Dogecoin’s current circulating supply is 132.67 billion out of a maximum supply of 132.67 billion. It is ranked #3 in the Proof-of-Work Coins sector, #1 in the Meme Coins sector, and #6 in the Layer 1 sector.
The recent developments in Dogecoin’s price analysis suggest a positive movement with a decrease in market volatility, resulting in a less volatile price. The high and open price of the cryptocurrency is $0.0686 and $0.0679, respectively, while the low price is $0.0677, with a 0.87% change and a close price of $0.0685.
The DOGE/USD appears to be in a bearish movement, crossing under the Moving Average curve. However, the price is moving towards the resistance band, which could potentially reverse the current trend in favor of the bulls. As the volatility continues to decrease, this may benefit the bulls as a breakout could lead to increased volatility and more opportunities for further bullish activity.
DOGE/USD 1-day price chart Source: CoinCodex
According to Dogecoin’s price analysis, the Relative Strength Index (RSI) currently sits at 32, indicating a highly unstable DOGE number in the unstable region. However, the RSI score is trending upward, suggesting increased market activity and dominant buying activities that point to an upward trend.
Over the past seven days, Dogecoin’s price analysis shows a downward movement with increasing volatility and an opening movement, indicating potential future volatility bursts. This renders the DOGE price more susceptible to significant changes in either direction. Presently, the high price for DOGE is at $0.0686, while the open price is at $0.0659. Conversely, the low price is at $0.0659, with a change of 0.20% and a close price of $0.0684.
Dogecoin’s price appears to be following a bearish trend, with the DOGE/USD price dipping below the Moving Average curve. The downward movement indicates a decreasing market for the meme cryptocurrency, and the price is heading towards the support band. If they meet, the market could reverse, breaking the trend and shifting the market dynamic.
DOGE/USD 7-day price chart Source: CoinCodex
According to the Relative Strength Index (RSI) score of 42, Dogecoin is currently in a stable region despite a recent downward movement. The decrease in the RSI score indicates selling activities dominating and potentially leading to further decrease.
In conclusion, the Dogecoin price analysis suggests a potential for a positive movement in the market, but also warns of a possible reversal as the price approaches resistance. If the bulls can take advantage of this situation, they may be able to drive the market and push the price of Dogecoin higher than anticipated.