Dogecoin drops 3%, almost wiping out the gains made in 24 hours

Dogecoin price analysis for August 15, 2022, comes on a bearish note for the world’s biggest meme coin as it is clear that the DOGE token has dropped by almost 3% in the last 24 hours, wiping almost almost all the gains made in the last 24 hours. This was seen due to a sudden bearish pressure in the crypto market initiated by the take profit sentiment that came in the market. Additionally, it is also important to note that the nearest support for the meme coin exists at the $0.06 price region which has been holding for a very long time.

As noted in our DOGE price analysis for August 14, 2022, the Dogecoin token had been pushed out of the top 10 cryptocurrencies in the market. However, it is once again back in the top 10 list after relclaiming the $10 billion market cap.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 33.56% in the last 24 hours, followed by a 3.59% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.86%, while the Volume / Market Cap Ratio has a value of 0.05121.

The daily candle for Dogecoin opened at a price of $0.08168 and reached a daily high of $0.08203. Furthermore, the daily low for the coin stands at a price of $0.07489, and the price of 1 DOGE at the time of writing is $0.07597.

Dogecoin price analysis on the daily chart for August 15

Dogecoin price analysis on the daily chart for August 15, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 60 which means that Dogecoin token is still dominated by the bulls.

The MACD line and signal line are far apart as the histogram remains bullish for DOGE.

The price action for Dogecoin is situated in the bullish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 15, 2022, ends on a bearish note for DOGE with increased chances of retaining $0.07.