Dogecoin drops 1% in 24 hours: Key levels to watch out for

Dogecoin price analysis for May 3, 2022, comes on a bearish note for the token with increased chances of losing the $0.13 price region which is currently major support for the bulls. Furthermore, as noted in our DOGE analysis for May 2, 2022, the meme coin has a major resistance region at the $0.14 price region which was earlier major support for the price action. The meme coin will remain in a downtrend until it reclaims the $0.17 price region which is another area of major resistance for Dogecoin.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 18.52% in the last 24 hours, followed by a 1.07% drop in the market cap. Moreover, the Market Dominance of the token dropped to 1%, while the Volume / Market Cap Ratio has a value of 0.04138.

The daily candle for Dogecoin opened at a price of $0.1308 and reached a daily high of $0.1320. Furthermore, the daily low for the token stands at a price of $0.1303, and the price of 1 DOGE at the time of writing is $0.1311.

Dogecoin price analysis on the daily chart for May 3

Dogecoin price analysis on the daily chart for May 3 will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 46 which means that the chances of Dogecoin fighting for the $0.13 support are high.

The MACD indicator shows that the MACD line is below the signal line as they move further apart from each other and we expect the continuation of the downtrend.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands and bulls are trying to push the price action towards the middle zone of the Bands.

Conclusion

Dogecoin price analysis for May 3, 2022, ends on a bearish note for the meme coin as chances of retaining the $0.13 region seem low.