Dogecoin drops to a major support level: Will DOGE hold here?

Dogecoin price analysis for July 26, 2022, comes on a bearish note for the biggest meme coin in the crypto space as we can confirm that the chances of making higher highs in the coming days remain low and investors can expect the meme coin to drop to the nearest support. In the last 24 hours, we saw DOGE lose almost 5% of its price and it seems that there are chances of another drop soon. Over the weekend, the meme coin tried to breach the $0.07 price level but failed to do so due to sellers gaining control of the price action.

As noted in our DOGE price analysis for July 25, 2022, the nearest resistance for the meme coin stands at the $0.07 price region which the meme coin did reclaim but failed to retain. Hence, lower prices can be expected in the near futuer from the DOGE token.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 2.34% in the last 24 hours, followed by a 4.97% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.85%, while the Volume / Market Cap Ratio has a value of 0.05024.

The daily candle for Dogecoin opened at a price of $0.06194 and reached a daily high of $0.06224. Furthermore, the daily low for the coin stands at a price of $0.06116, and the price of 1 DOGE at the time of writing is $0.06182.

Dogecoin price analysis on the daily chart for July 26

Dogecoin price analysis on the daily chart for July 26, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 41 which confirms that the bears are now overall in control over the Dogecoin price action.

The MACD line is very close to the signal line and a bearish divergence is nearly confirmed.

The price action for Dogecoin has dropped to the bearish region of the Bollinger Bands and investors can expect lower prices.

Conclusion

Dogecoin price analysis for July 26, 2022, ends on a bearish note for the meme coin with high chances of retesting $0.060.