Dogecoin dominance falls below 1%: Prices crash more than 5%

Dogecoin price analysis for April 18, 2022, ends on a bearish note for the token after the token lost nearly 6% in the last 24 hours falling below $0.14. Furthermore, the token remains stuck in a downtrend and investors can expect this to continue for the foreseeable future. The DOGE price analysis for April 15, 2022, confirmed that the meme coin tried to break into an uptrend but this growth was short-lived as bears prevailed.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 55.19% in the last 24 hours, followed by a 5.75% drop in the market cap. Moreover, the Market Dominance of the token has dropped below 1%, while the Volume / Market Cap Ratio has a value of 0.04671.

The daily candle for Dogecoin opened at a price of $0.1392 and reached a daily high of $0.1405. Furthermore, the daily low for the token stands at a price of $0.1327, and the price of 1 DOGE at the time of writing is $0.1349.

Dogecoin price analysis on the daily chart for April 18

Dogecoin price analysis on the daily chart for April 18 will take into account the data from the daily chart below which consists of 3 major indicators in the technical analysis space. 

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are quite close but the signal line is moving above the MACD line which means that bears are in charge.

The RSI indicator reads a value below 47 which confirms that Dogecoin bears are currently dominating while the gradient of the line suggests that lower prices are possible.

Furthermore, the price action has dropped to the lower end of the Bollinger Bands which means that investors can expect that DOGE might $0.13 price level as well.

Conclusion

Dogecoin price analysis for April 18, 2022, ends on a bearish note for the token as chances of losing $0.13 seem quite low for now.