Dogecoin aims to breach $0.14: Volume not high enough

Dogecoin price analysis for May 5, 2022, comes on a bullish note for the token with considerable chances of breaking the $0.14 price region in the near future. It is also important to note that the meme coin had recently entered the top 10 cryptocurrencies by market cap but failed to make higher highs. On the other hand, as noted in our Dogecoin price analysis for May 4, 2022, the bears were in control of the price action as they tried to push DOGE below $0.13. A strong buy pressure can be expected at the $0.12 price level.  

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 61.70% in the last 24 hours, followed by a 5.37% surge in the market cap. Moreover, the Market Dominance of the token rests at 1%, while the Volume / Market Cap Ratio has a value of 0.05079.

The daily candle for Dogecoin opened at a price of $0.1360 and reached a daily high of $0.1378. Furthermore, the daily low for the token stands at a price of $0.1351, and the price of 1 DOGE at the time of writing is $0.1367.

Dogecoin price analysis on the daily chart for May 5

Dogecoin price analysis on the daily chart for May 5 will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 50 which confirms that the bulls are taking over the price action of the meme coin and we can expect higher prices.

The MACD indicator shows that the MACD line remains below the signal line while the two are coming closer as the chances of a bullish divergence are considerable.

The price action for Dogecoin is retesting the middle zone of the Bollinger Bands and we can expect DOGE to break above $0.14 if conditions remain the same.

Conclusion

Dogecoin price analysis for May 5, 2022, ends on a bullish note for the meme coin with considerable chances of breaking $0.14.