Dogecoin price analysis for July 14, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that the token has been holding its 10th position in the crypto market and aims for higher prices in the near future. It will be interesting to see if the DOGE token is capable of holding the price action above the important support of $0.07. We have seen DOGE continue its attempt to breach the $0.07 price resistance but fail to do so on a number occassions. As noted in our DOGE price analysis for July 13, 2022, there are significant chances of the meme coin breaking below the $0.06 price support.
As of now, we can expect DOGE to lose $0.06 if buyers don’t take control of the price action of the token. Interestingly, for now, we are bearish on the meme coin.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 15.81% in the last 24 hours, followed by a 2.18% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.90%, while the Volume / Market Cap Ratio has a value of 0.04922.
The daily candle for Dogecoin opened at a price of $0.06194 and reached a daily high of $0.06220. Furthermore, the daily low for the coin stands at a price of $0.05946, and the price of 1 DOGE at the time of writing is $0.06020.
Dogecoin price analysis on the daily chart for July 14
Dogecoin price analysis on the daily chart for July 14, 2022, will consider the data presented by 3 major indicators on the daily chart below.
The RSI indicator reads a value below 40 which confirms that the sellers are still in control of the Dogecoin price action.
The MACD line has broken below the signal line and a bearish divergence can be confirmed on the daily chart.
The price action for Dogecoin is retesting the lower end of the Bollinger Bands indicating that a bearish breakout might follow.
Conclusion
Dogecoin price analysis for July 14, 2022, ends on a bearish note for the meme coin with high chances of losing $0.06.
