Dogecoin aims to reclaim $0.06 with a 2% price region
Dogecoin price analysis for June 17, 2022, comes on a slightly bullish note for the meme coin as we have seen a price surge of more than 2% in the last 24 hours, and the bulls now aim to breach the $0.06 price region and aim higher. Furthermore, as noted in our DOGE price analysis for June 16, 2022, the token has found a considerable amount of support at $0.05 and after losing its 10th position in the market for a brief period, the meme coin was able to reclaim it.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 24.86% in the last 24 hours, followed by a 2.55% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.84%, while the Volume / Market Cap Ratio has a value of 0.08554.
The daily candle for Dogecoin opened at a price of $0.05523 and reached a daily high of $0.05814. Furthermore, the daily low for the coin stands at a price of $0.05463, and the price of 1 DOGE at the time of writing is $0.05750.
Dogecoin price analysis on the daily chart for June 17
Dogecoin price analysis on the daily chart for June 17, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 33 which confirms that the Dogecoin bears are currently in control of the price action and the gradient of the line suggests that lower prices will follow.
The MACD indicator shows that the MACD line remains below the signal line and the chances of a bullish divergence are increasing as the two lines are coming closer.
The price action for Dogecoin is situated in the bearish region of the Bollinger Bands which means that the chances of a bearish breakout remain considerable.
Conclusion
Dogecoin price analysis for June 17, 2022, ends on a bearish note for the meme coin with considerable chances of reclaiming $0.06.
