Dogecoin DOGE Price Analysis: 16 March 2023

Dhirendra Chandra Das
3 Min Read

Dogecoin Price Analysis confirms a situation favorable for shorting duration trade in the cryptocurrency. In the frame of 4-6 days, the price might rise to $0.082, but traders need to keep a strict stop loss of $0.063.

Current Market Situation

Dogecoin has fallen more than 7.44% for the last 24 hours despite forming Three White Crows bullish sign on daily charts. The last 24 hours’ price range was $0.07152 and $0.07764. The price is trading at a day low when writing this article. The cryptocurrency has 4.57 Million unique wallets, down from 4.58 Million, out of which 10% of the wallets control 53% of the total supply. The net market cap has also decreased by 7.56% to $9.6 Billion.

However, the current market trend is bullish overall, and therefore there is an opportunity to buy the cryptocurrencies at current levels and sell near a short-term resistance. Further, there needs to be a strict stop loss of near-term low.

Dogecoin Technical Analysis

We have used daily charts in the current trade setup because we wish to continue this trade in the next 4-6 days. We have used RSI with levels of 70-30 and MACD to identify entry and exit points.

Dogecoin price analysis daily charts 15 mar 23
Dogecoin Daily Charts 16 Mar 23

In Daily charts, the Dogecoin price has negated a resistance of $0.082, and the recent low of $0.063 will act as our support. The Technical indicators show the following:

  1. RSI has come down to optimum levels.
  2. MACD is about to show a bullish crossover.

Based on the chart levels, we expect the coin to move to $0.082 in a short span of 4-6 days. However, following a market rally, there can be some volatility. Therefore, we need to keep a strict stop loss of $0.063, which was the last support for the crypto.

Dogecoin Sentiment Analysis

Investor sentiment shows an overall positive mood for price. The details are:

  1. Investing.com: 70% are Bullish
  2. CFGI: 57% Bullish

Dogecoin On-Chain Analysis

Cardano on-chain analysis
On-Chain Analysis

On-Chain analysis shows slightly negative data for further price movements.

  • There are an equal number of holders in loss and profits, both at 45% each.
  • There has been an increase in large transactions of over $100k at 309 Transactions on March 14 v/s 223 Transactions on March 13.

Overall Outlook

Traders can buy Dogecoin with a strict stop loss of $0.063 with a target of 0.082. The overall outlook is positive because of a stable bullish market trend over the last 2 months.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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I am an SEO content writer with over 4 years (2018-present) of experience. Over my career, I have written hundreds of articles on stock markets, crypto, politics, news and business. Although most of my written content is around Finance, I still possess deep knowledge of marketing, defence, geopolitics, and new-age technology like Cloud, AI, DevOps, etc.
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