Dogecoin buying pressure declines after $0.07 resistance prevails

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for July 7, 202, comes on a slightly bullish note for the world’s biggest meme coin as we can confirm that the token rose by around 1% in the last 24 hours and it seems that the buying pressure declined after that. As noted in our DOGE price analysis for July 6, 2022, the meme coin received a push from the buyers to make a move towards $0.07 but the token failed to do.

However, there is a major support level at the $0.06 price region which currently remains unbroken. In order to see promising prices ahead, Dogecoin token needs to push the $0.07 price region and turn it into major support. In such a case, the next goal would be to reclaim the $0.10 price region and turn that into support.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 7.74% in the last 24 hours, followed by a 0.60% rise in the market cap. Moreover, the Market Dominance of the coin rests at 0.99%, while the Volume / Market Cap Ratio has a value of 0.04199.

The daily candle for Dogecoin opened at a price of $0.06843 and reached a daily high of $0.069. Furthermore, the daily low for the coin stands at a price of $0.067, and the price of 1 DOGE at the time of writing is $0.06822.

Dogecoin price analysis on the daily chart for July 7

Dogecoin price analysis on the daily chart for July 7, 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 49 which means that the bears and the bulls are evenly matched.

The MACD indicator shows that the MACD line is coming closer to the signal line which means bears are gaining strength.

The price action for Dogecoin is retesting the middle of the Bollinger Bands and a breakout into the bearish region is possible.

Conclusion

Dogecoin price analysis for July 7, 2022, ends on a bearish note for the meme coin as chances of reclaiming $0.07 remain low.

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