Dogecoin crashes violently as DOGE sell-off continues

Dogecoin price analysis for August 27, 2022, comes on a bearish note for the world’s  biggest meme coin as it is clear that the token has fallen by more than 7% in the last 24 hours and investors can expect additional price drops in the near future as well. Additionally, it is also possible that we might see DOGE retest the $0.060 price in the near future which is a major support for the meme coin. Moreover, DOGE is currently the 10th biggest cryptocurrency in the space.

With the bears remaining in control of the price action in the short term and a major resistance at the $0.070 price level, it is clear that market movement will remain bearish, as noted in our Dogecoin price analysis for August 26, 2022.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 32.02% in the last 24 hours, followed by a 7.8% drop in the market cap. Moreover, the Market Dominance of the coin rests at 0.87%, while the Volume / Market Cap Ratio has a value of 0.07384.

The daily candle for Dogecoin opened at a price of $0.06351 and reached a daily high of $0.06412. Furthermore, the daily low for the coin stands at a price of $0.06326 and the price of 1 DOGE at the time of writing is $0.06395.

Dogecoin price analysis on the daily chart for August 27

Dogecoin price analysis on the daily chart for August 27, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 42 as Dogecoin investors remain bearish on the meme coin.

The MACD line remains below the signal line as the histogram remains bearish.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands and a bearish breakout is possible.

Conclusion

Dogecoin price analysis for August 27, 2022, ends on a bearish note for DOGE with considerable chances of retesting $0.060.