Dogecoin continues attempts to breach $0.07: What to expect?

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for August 11, 2022, comes on a bullish note for the world’s biggest meme coin as we can confirm that the prices have surged by 4.52% in the last 24 hours as DOGE was able to jump from the $0.068 price level to back above the $0.070 price level. However, it is also important to note that the DOGE token has major resistance zones above the $0.07 and investors cannot expect the beginning of an uptrend until the $0.070 price level is not turned into support and the nearest resistance at $0.10 price level is not reclaimed.

As noted in our DOGE price analysis for August 11, 2022, the nearest support for the Dogecoin token stands at the $0.060 price level which has been holding for a very long time and investors can expect it to hold in the near future as well.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 4.13% in the last 24 hours, followed by a 4.60% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.82%, while the Volume / Market Cap Ratio has a value of 0.04895.

The daily candle for Dogecoin opened at a price of $0.07126 and reached a daily high of $0.07248. Furthermore, the daily low for the coin stands at a price of $0.07091, and the price of 1 DOGE at the time of writing is $0.07138.

Dogecoin price analysis on the daily chart for August 11

Dogecoin price analysis on the daily chart for August 11, 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 58 which means that Dogecoin bulls are overall in control of the price action.

The MACD line and signal line are almost overlapping but the histogram confirms that DOGE bulls are in control.

The price action for Dogecoin is situated in the bullish region of the Bollinger Bands and a bullish breakout can be expected.

Conclusion

Dogecoin price analysis for August 11, 2022, ends on a bullish note for DOGE as we can expect DOGE to retest $0.070.

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