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Voice of Crypto > Analysis > Dogecoin DOGE Price Analysis: 16 March 2023
Analysis

Dogecoin DOGE Price Analysis: 16 March 2023

Dhirendra Chandra Das
Last updated: 2023/03/16 at 2:52 PM
Dhirendra Chandra Das Published March 16, 2023 March 16, 2023
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Dogecoin price analysis VOC

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.

Contents
Current Market SituationDogecoin Technical AnalysisDogecoin Sentiment AnalysisDogecoin On-Chain AnalysisOverall Outlook

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 overall bullish, 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

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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