Dogecoin continues to retain price above major support

Dogecoin price analysis
Source: TradingView

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Dogecoin price analysis for July 16, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that there are significant chances of the token retaining the price action above the $0.06 price level. However, in the coming days, investors can expect the DOGE token to retest the $0.07 price level which is a major resistance zone. However, to reclaim this resistance zone, the buying voume needs to increase and looking at the current sluggish movement, it remains unclear if the DOGE bulls have what it takes to make higher highs.

As noted in our Dogecoin price analysis for July 15, 2022, there are considerable chances of the meme coin making a move towards the $0.07 but there are even higher chances of it retesting the $0.060 support once again.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 4.39% in the last 24 hours, followed by a 0.40% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.89%, while the Volume / Market Cap Ratio has a value of 0.04159.

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The daily candle for Dogecoin opened at a price of $0.06293 and reached a daily high of $0.06309. Furthermore, the daily low for the coin stands at a price of $0.06228, and the price of 1 DOGE at the time of writing is $0.06247.

Dogecoin price analysis on the daily chart for July 16

Dogecoin price analysis on the daily chart for July 16, 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 43 which confirms that the sellers are still in control of the Dogecoin price action.

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The MACD line and the signal line are overlapping which confirms that sluggish movement will prevail.

The price action for Dogecoin is retesting the lower end of the Bollinger Bands indicating that a bearish breakout might follow.

Conclusion

Dogecoin price analysis for July 16, 2022, ends on a suugish note for the meme coin with high chances of retesting $0.06.

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