Dogecoin price analysis for March 12, 2023, shows the meme cryptocurrency following an increasing movement for the last 48 hours. The price rose from 0.0626 to $0.0685 on March 11, 2023. Dogecoin gained a more positive movement today and significantly increased its value. Moreover, today the cryptocurrency continues a bullish movement and is at $0.0690 at the time of writing.
As of March 12, 2023, Dogecoin is trading at $0.068561 with a 24-hour trading volume of $669.69 million, a market cap of $9.10 billion, and a market dominance of 0.92%. It has experienced a 3.68% increase in price over the last 24 hours.
Dogecoin’s highest price was reached on May 8, 2021, when it hit its all-time high of $0.738595. Its all-time low was recorded on May 7, 2015, when it was trading at $0.00008547. Since its last cycle low, Dogecoin’s lowest price was $0.049701 and its highest was $0.156883 at its cycle high. Currently, the sentiment for Dogecoin’s price prediction is bearish, and the Fear & Greed Index shows a fear 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.
DOGE/USD 1-day price analysis: Recent developments
Dogecoin price analysis seems to show the market following a positive movement, with the market’s volatility entering a closing movement, consequently tightening the market. This makes the price of the cryptocurrency less prone to experience volatile change on either extreme. As a result, the high price of the cryptocurrency stands at $0.0686, while the open price of the cryptocurrency is $0.0679. Conversely, the low price of DOGE is present at $0.0677, with a change of 0.87% and a close price of $0.0685.
The DOGE/USD appears to cross under the curve of the Moving Average, indicating a bearish movement. The price seems to move upwards toward the resistance band, attempting to reverse the current trend. As the volatility happens to close, this could be in favor of the bulls, as a breakout would explode the volatility providing more room to the bulls for further activity.
Dogecoin price analysis reveals the Relative Strength Index (RSI) to be 32, indicating an extremely unstable DOGE number falling in the unstable region. In addition, the RSI score appears to move upward, indicating an increasing market and dominant buying activities, signifying an upward trend in the market.
Dogecoin price analysis for 7-days
Dogecoin price analysis shows the market to be following a downward movement, with its volatility increasing. In addition, the market appears to be undergoing an opening movement, indicating future volatility bursts. This makes the DOGE price more prone to undergo change on either extreme in its current state. The high price for DOGE exists at $0.0686, while the open price of DOGE is present at $0.0659. Conversely, the low price for DOGE is at $0.0659, with a change of 0.20% and a close price of $0.0684.
Dogecoin appears to follow a bearish movement, with the DOGE/USD price crossing under the curve of the Moving Average. The downward movement indicates a decreasing market for the meme cryptocurrency. The price attempts to meet the support band soon. If they happen to meet, the market will break and reverse the market dynamic.
The Relative Strength Index (RSI) score is 42, signifying the stability of the meme cryptocurrency. Dogecoin falls in the stable region following a downward movement. The decrease in the RSI score represents the dominance of the selling activities and the movement toward further decreasing dynamics.
Dogecoin Price Analysis Conclusion
Dogecoin price analysis reveals the cryptocurrency following an increasing movement, showing potential towards the positive extreme. However, the market shows colossal potential for a reversal in the coming days due to the price moving toward the resistance. If the bulls manage to use it to their advantage, they might engulf the market and help raise the price of Dogecoin beyond expectations.