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DOGE Price Analysis for March 2

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Thu, 2/03/2023 - 15:20
DOGE Price Analysis for March 2
Cover image via www.tradingview.com

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Bulls could not hold the initiative for long, and most of the coins have returned to the red zone.

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Top coins by CoinMarketCap

DOGE/USD

DOGE is no exception to the rule, going down by 2.36% over the last 24 hours.

DOGE/USD chart byTradingView

The price of DOGE has broken the local support level at $0.08045 and keeps declining. If buyers cannot seize the initiative, the decline may continue to the next zone of buyers' interest around the $0.07926 mark. Such a scenario is relevant until the end of the day.

DOGE/USD chart byTradingView

The situation is also bearish on the daily time frame as the price has returned below the important mark of $0.08. At the moment, traders should pay attention to the nearest support at $0.07878.

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If the closure happens not too far from it, the decline may lead to the test of the $0.077-$0.078 zone within the next few days.

DOGE/USD chart byTradingView

On the weekly chart, the price of DOGE is on its way to the support at $0.07780. The volume is declining, which means there are low chances to see a bounce back to the current levels. In this case, closure below the mentioned mark could be a prerequisite for an ongoing drop to $0.075.

DOGE is trading at $0.0799 at press time.

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