Dogecoin continues to hold price action above $0.08: Buy now?
Dogecoin price analysis for June 2, 2022, comes on a bearish note for the token with a 5% drop in prices in the last 24 hours. Furthermore, as noted in our DOGE price analysis for June 1, 2022, the meme coin has a major resistance beyond the $0.09 price level which the token aimed to break above in the last 24 hours. However, it is also a fact that the bears continue to dominate and as a result, DOGE failed to make a move towards the $0.1 price level. Additionally, we can expect $0.08 to hold for the time being.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 24.42% in the last 24 hours, followed by a 5.01% 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 0.07361.
The daily candle for Dogecoin opened at a price of $0.08106 and reached a daily high of $0.08164. Furthermore, the daily low for the coin stands at a price of $0.08001, and the price of 1 DOGE at the time of writing is $0.08132.
Dogecoin price analysis on the daily chart for June 2
Dogecoin price analysis on the daily chart for June 2, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 38 which means that the bears are overall in control of the crypto market while the gradient of the line suggests that lower prices are possible.
The MACD indicator shows that the MACD line above the signal line and the MACD histogram is decreasing in bullish intensity.
The price action for Dogecoin broke above the middle zone of the Bollinger Bands but failed to consolidate and now is back to the bearish region of the Bands.
Conclusion
Dogecoin price analysis for June 2, 2022, ends on a bearish note for the meme coin with considerable chances of losing $0.08.
