Dogecoin bulls give their all to retain $0.8 support

Dogecoin price analysis for May 22, 2022, ends on a sluggish note for the meme coin as chances of retaining $0.8 are high.
Dogecoin price analysis for May 22, 2022, ends on a sluggish note for the meme coin as chances of retaining $0.8 are high.

Dogecoin price analysis for May 22, 2022, comes on a sluggish note for the meme coin as we have seen a minute price surge in the last 24 hours which hints that DOGE might need increased support from the bulls to break past the $0.1 price region. As noted in our DOGE price analysis for May 22, 2022, the nearest support for the meme coin rests at the $0.8 price region which currently holds while the nearest resistance for the token is beyond the $0.9 price region which the token has failed to break many times. Additionally, the token is more than 80% low than the all-time high.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 36.78% in the last 24 hours, followed by a 0.13% increase in the market cap. Moreover, the Market Dominance of the coin rests at 0.89%, while the Volume / Market Cap Ratio has a value of 0.02802.

The daily candle for Dogecoin opened at a price of $0.0844 and reached a daily high of $0.0850. Furthermore, the daily low for the coin stands at a price of $0.0838, and the price of 1 DOGE at the time of writing is $0.0840.

Dogecoin price analysis on the daily chart for May 22

Dogecoin price analysis on the daily chart for May 22, 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 34 which means that the bears are still in control while the gradient of the line suggests sluggish movement.

The MACD indicator shows that the MACD line is touching the signal line, which means that a bullish divergence is certainly possible.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands, although chances of retesting the middle zone remain considerable.

Conclusion

Dogecoin price analysis for May 22, 2022, ends on a sluggish note for the meme coin as chances of retaining $0.8 are high.

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