Dogecoin breaks $0.07 after a 7% price surge: Bulls are back!

Dogecoin price analysis for July 29, 2022, comes on a bullish note for the biggest meme coin in the crypto space as we can confirm that the token has surged by more than 7% in the last 24 hours and additional buying pressure might be seen in the near future. The nearest resistance for the token stood at the $0.07 price region which prevailed despite a bullish sentiment in the broader market. However, in the last 24 hours, this price level was finally breached as DOGE moved to reclaim $0.071 as well.

As noted in our DOGE price analysis for July 28, 2022, the nearest support for the meme coin stands at the $0.060 price region which was retested in the last 24 hours. However, this support level prevailed as bulls took charge once again. Investors can expect higher prices in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 29.07% in the last 24 hours, followed by a 7.33% surge in the market cap. Moreover, the Market Dominance of the coin rose  to 0.86%, while the Volume / Market Cap Ratio has a value of 0.07285.

The daily candle for Dogecoin opened at a price of $0.06912 and reached a daily high of $0.07203. Furthermore, the daily low for the coin stands at a price of $0.06830, and the price of 1 DOGE at the time of writing is $0.07146.

Dogecoin price analysis on the daily chart for July 29

Dogecoin price analysis on the daily chart for July 29, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 58 which confirms that higher prices can be witnessed for Dogecoin.

The MACD line is very close to the signal line but is gradually moving away from it showing increased demand from investors.

The price action for Dogecoin is retesting the upper zone of the Bollinger Bands which confirms that an uptrend might be formed in a shorter time frame.

Conclusion

Dogecoin price analysis for July 29, 2022, ends on a bullish note for the meme coin as we can expect DOGE to hold above $0.07.