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DOGE Price Analysis for March 8

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Wed, 8/03/2023 - 18:00
DOGE Price Analysis for March 8
Cover image via www.tradingview.com

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The bearish trend might have come back to the cryptocurrency market, according to the CoinMarketCap ranking.

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DOGE/USD

The rate of DOGE has declined by 1.71% over the last 24 hours.

DOGE/USD chart byTradingView

Despite today's decline, the price of DOGE might have found the local support level at $0.07212. However, it is too early to think about the trend reversal as not enough energy has been accumulated yet. In this case, the more likely scenario is accumulation around the $0.073 area.

DOGE/USD chart byTradingView

On the daily time frame, the rate has also bounced off the support, which means that there are chances to see a slight correction. If the candle closes far from the support, one can expect growth to the $0.074 area within the next few days.

DOGE/USD chart byTradingView

A similar situation can be seen on the weekly chart as the price has made a false breakout of the support. However, the volume keeps going down, which means that buyers are not ready yet to buy at the current levels.

Related
SHIB, LEASH and BONE Price Analysis for March 7

Likewise, sideways trading in the area of $0.073-$0.075 is the more likely scenario until the end of the month.

DOGE is trading at $0.07325 at press time.

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