Dogecoin drops to $0.07: Expect another drop soon

Dogecoin price analysis for May 12, 2022, comes on a bearish note for the coin with high chances of losing the $0.07 price region in the near future as the bears remain in control of the entire market and a major sell-off of all altcoins and Bitcoin continues. As noted in our Dogecoin price analysis for May 11, 2022, the meme coin is currently testing the $0.07 price level but it is uncertain what will happen in the near future. Looking at the state of the market right now, we can expect lower prices to come.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 94.30% in the last 24 hours, followed by a 34.40% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.82%, while the Volume / Market Cap Ratio has a value of 0.2858.

The daily candle for Dogecoin opened at a price of $0.0852 and reached a daily high of $.0.0899. Furthermore, the daily low for the coin stands at a price of $0.0696, and the price of 1 DOGE at the time of writing is $0.072.

Dogecoin price analysis on the daily chart for May 12

Dogecoin price analysis on the daily chart for May 12, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 25 which confirms that the bears continue to dominate and the gradient of the line hints that lower prices are possible as Dogecoin is being oversold.

The MACD indicator shows that the MACD line remains below the signal line while the MACD histogram also remains bearish in the short term.

The price action for Dogecoin broke out from the lower end of the Bollinger Bands confirming the onset of a major downtrend.

Conclusion