Dogecoin back in top 10 cryptocurrencies by market cap

Dogecoin price analysis for May 11, 2022, comes on a bearish note for the meme coin but it is also crucial to note that DOGE is now once again ranked among the top 10 cryptocurrencies in the market. It is also an important fact that the price of the meme coin has held strongly above the $0.10 price support which means that it is a very crucial region to prevent the continuation of the downtrend of DOGE. As noted in our Dogecoin price analysis for May 10, 2022, the retest of $0.10 will continue in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 24.27% in the last 24 hours, followed by a 1.34% drop in the market cap. Moreover, the Market Dominance of the coin rose to 1.03%, while the Volume / Market Cap Ratio has a value of 0.09628.

The daily candle for Dogecoin opened at a price of $0.1080 and reached a daily high of $.01109. Furthermore, the daily low for the coin stands at a price of $0.1059, and the price of 1 DOGE at the time of writing is $0.1098.

Dogecoin price analysis on the daily chart for May 11

Dogecoin price analysis on the daily chart for May 11, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 38 while the gradient of the line is slightly positive indicating that the bulls aim to get back in control of the market.

The MACD indicator shows that the MACD line remains below the signal line and we can expect Dogecoin to retest $0.10 in the near future.

The price action for Dogecoin dropped below the bearish region of the Bollinger Bands as there is a minor resistance at the $0.11 price region.

Conclusion