Dogecoin defeats expectations with its subpar performance

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Dogecoin price analysis for July 31, 2022, comes on a slightly bullish note for the world’s biggest meme coin however it is clear that we might witness the token to drop further in the near future. In the last 24 hours, we have seen the DOGE token try to retain the $0.07 price region which is an area of resistance for the meme coin with a 1.1% price surge. However, it is important to note that despite retaining this support, the bears have failed to break the $0.10 resistance which is imperative for the meme coin to confirm a trend reversal.

Furthermore, as noted in our DOGE price analysis for July 30, 2022, the world’s biggest meme coin has been successful in retaining the 10th position in the market but the situation remains unclear for now.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 8.80% in the last 24 hours, followed by a 1.44% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.85%, while the Volume / Market Cap Ratio has a value of 0.08133.

The daily candle for Dogecoin opened at a price of $0.06966 and reached a daily high of $0.07026. Furthermore, the daily low for the coin stands at a price of $0.06895, and the price of 1 DOGE at the time of writing is $0.06994.

Dogecoin price analysis on the daily chart for July 31

Dogecoin price analysis on the daily chart for July 31, 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 56 which means that bulls and the bears are at war for dominance of the Dogecoin price action.

The MACD line is very close to the signal line which suggests a lack of volume.

The price action for Dogecoin is situated in the upper zone of the Bollinger Bands but hasn’t been able to breakout.

Conclusion

Dogecoin price analysis for July 31, 2022, ends on a bearish note for the meme coin as we can expect DOGE to lose $0.07 once again.

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