Dogecoin attempts to breach $0.07 as prices jump nearly 2%

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for August 5, 2022, comes on a slightly bullish note for the meme coin as we can expect the token to once again make a move towards the long time resistance at the $0.07 price level which it has been able to break on multiple occassions, but failed to retain. It is also important to note that this resistance zone needs to be broken and DOGE needs to hold above it in order to break into an uptrend. The world’s biggest meme coin has been trying to hold prices above $0.070 but failed to do so on multiple timeframes.

As noted in our DOGE price analysis for August 4, 2022, the Dogecoin token has a strong support at the $0.06 which it has successfully retained quite a number of times. However, the token hasn’t performed as good as others coins in the market as well.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 0.46% in the last 24 hours, followed by a 1.42% 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 0.02893.

The daily candle for Dogecoin opened at a price of $0.06725 and reached a daily high of $0.06870. Furthermore, the daily low for the coin stands at a price of $0.06717, and the price of 1 DOGE at the time of writing is $0.06854.

Dogecoin price analysis on the daily chart for August 5

Dogecoin price analysis on the daily chart for August 5, 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 54 which means that Dogecoin bulls are overall in control.

The MACD line and signal line are overlapping which confirms lack of volume.

The price action for Dogecoin is retesting the middle zone of the Bollinger Bands which confirms bearishness.

Conclusion

Dogecoin price analysis for August 5, 2022, ends on a slightly bullish note for the meme coin with considerable chances of retesting $0.07.

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