Dogecoin below $0.07: Investors point out underperforming nature

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Dogecoin price analysis for July 30, 2022, comes on a bearish note for the meme coin as we can confirm that the chances of the DOGE token reclaiming the $0.07 and turning it into support has once again turned low. We can confirm that the DOGE token has dropped by more than 4% in the last 24 hours and investors might see another price drop if the biggest meme coin in the crypto market doesn’t show any promising growth soon. The nearest resistance for the token lies at the $0.07 price level which DOGE failed to turn into support.

As noted in our DOGE price analysis for July 29, 2022, there are huge chances of the Dogecoin token reclaiming higher prices if the $0.07 price resistance is turned into a support region.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 29.07% in the last 24 hours, followed by a 1.4% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.83%, while the Volume / Market Cap Ratio has a value of 0.07535.

The daily candle for Dogecoin opened at a price of $0.06879 and reached a daily high of $0.07013. Furthermore, the daily low for the coin stands at a price of $0.06821, and the price of 1 DOGE at the time of writing is $0.06879.

Dogecoin price analysis on the daily chart for July 30

Dogecoin price analysis on the daily chart for July 30, 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 bears will soon be in-charge of the Dogecoin price action.

The MACD line is very close to the signal line and the MACD but the histogram remains green.

The price action for Dogecoin is situated in the upper zone of the Bollinger Bands as a retest of the middle zone seems likely.

Conclusion

Dogecoin price analysis for July 30, 2022, ends on a bearish note for the meme coin as we can expect DOGE to retest lower $0.06 levels.