Dogecoin below vital zone: What to expect from DOGE?

Dogecoin price analysis for August 26, 2022, comes on a bearish note for the world’s biggest meme coin as it is clear that the chances of the token breaking into an uptrend in the near futuer are low but there is a huge possible of DOGE retesting the $0.070 price level which is the nearest resistance for the meme coin and investors need to look out for this level and see if the DOGE token is able to retain prices above it. If no, then we can expect the continuation of a downtrend and a retest of the $0.060 price level.

Interestingly, as noted in our DOGE price analysis for August 25, 2022, the leading meme coin in the crypto space has been holding above the major support at $0.060 and is ranked as the 10th biggest cryptocurrency in the crypto space.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 44.26% in the last 24 hours, followed by a 1.75% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.87%, while the Volume / Market Cap Ratio has a value of 0.05393.

The daily candle for Dogecoin opened at a price of $0.06898 and reached a daily high of $0.06937. Furthermore, the daily low for the coin stands at a price of $0.06720 and the price of 1 DOGE at the time of writing is $0.06836.

Dogecoin price analysis on the daily chart for August 26

Dogecoin price analysis on the daily chart for August 26, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 47 which means that the Dogecoin sellers continue to domiante the DOGE price action.

The MACD line remains below the signal line but the two are now coming closer.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 26, 2022, ends on a bearish note for DOGE but we can expect it to retest $0.07.