Data shows investors are bullish on Dogecoin: Key levels to watch
Dogecoin price analysis for July 6, 2022, comes on a bearish for the biggest meme coin in the crypto space and we can confirm that the token continues to hold $0.06 price region as a major support level. Furthermore, investors can expect the meme coin to breach the $0.07 price region if the buying pressure surges. However, as noted in our DOGE price analysis for July 5, 2022, the meme coin broke above $0.07 multiple times but failed to retain prices there.
According to CMC, investors are bullish on the future price action of Dogecoin and expect the token to reclaim the $0.1 price region by September. However, this data generated by CMC is decided by a voting system and 684 voters voted for a price of $0.1116 per DOGE by September.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 14.58% in the last 24 hours, followed by a 2.01% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.99%, while the Volume / Market Cap Ratio has a value of 0.04578.
The daily candle for Dogecoin opened at a price of $0.06716 and reached a daily high of $0.06808. Furthermore, the daily low for the coin stands at a price of $0.06616, and the price of 1 DOGE at the time of writing is $0.06766.
Dogecoin price analysis on the daily chart for July 6
Dogecoin price analysis on the daily chart for July 6, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 49 and the gradient of the line suggests that lower prices are possible.
The MACD indicator shows that the MACD line is coming closer to the signal line and a bearish divergence might follow.
The price action for Dogecoin is retesting the middle of the Bollinger Bands and a breakout into the bearish region is possible.
Conclusion
Dogecoin price analysis for July 6, 2022, ends on a bearish note for the meme coin as we can expect DOGE to aim for $0.1 if $0.07 holds as support.
