Dogecoin about to lose $0.08: Another crash incoming?

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Dogecoin price analysis for June 8, 2022, comes on a bearish note for the meme coin with increased chances of losing the $0.08 in the near future. It is imperative to note that the token might give it all to retain the price action above $0.08 but the decrease in trading volume suggests that lower prices will follow. As noted in our DOGE price analysis for June 7, 2022, the meme coin tried to break through $0.09 in the past few hours but it failed to do so. Hence, it is imperative to see if DOGE bulls take over in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 12.00% in the last 24 hours, followed by a 0.63% rise in the market cap. Moreover, the Market Dominance of the coin dropped to 0.85%, while the Volume / Market Cap Ratio has a value of 0.03978.

The daily candle for Dogecoin opened at a price of $0.08039 and reached a daily high of $0.08160. Furthermore, the daily low for the coin stands at a price of $0.07885, and the price of 1 DOGE at the time of writing is $0.08022.

Dogecoin price analysis on the daily chart for June 8

Dogecoin price analysis on the daily chart for June 8, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Dogecoin price analysis

Source: TradingView

The RSI indicator reads a value below 39 which means that the selling pressure is higher than the buying pressure in the market.

The MACD indicator shows that the MACD line is above the signal line while the MACD histogram shows that bears might remain in control.

The price action for Dogecoin aims to break out of the lower end of the Bollinger Bands as sellers continue to dominate.

Conclusion

Dogecoin price analysis for June 8, 2022, ends on a bearish note for the meme coin with high chances of losing $0.08 as well.

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