Dogecoin dump continues with a 17% price drop on one candle

Dogecoin price action turns bearish as the indicators show that the token doesn’t have what it takes to enter the top 10 cryptocurrencies in the market. The meme coin lost the 11th position in the market and is now situated at the 12th position in the market. It is also important to note that as per our DOGE price analysis for April 6, 2022, the token outperformed the entire crypto space, but it seems that the buyers dumped the meme coin for profit. 

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 52.51% in the last 24 hours, followed by a 10.66% drop in the market cap. Moreover, the Market Dominance of the token has dropped to 0.96%, while the Volume / Market Cap Ratio has a value of 0.1474.

The daily candle for Dogecoin opened at a price of $0.1432 and reached a daily high of $0.1459. Furthermore, the daily low for the token stands at a price of $0.1400, and the price of 1 DOGE at the time of writing is $0.1450.

Dogecoin price analysis on the daily chart for April 7

Dogecoin price analysis on the daily chart for April 7 will take into account the data from the indicators on the daily chart below, with three major indicators presented on the daily chart.

Source: TradingView

The RSI indicator reads a value above 54 which means that the indicator has the possibility of remaining bearish in the coming days. The gradient of the line suggests that bears will remain in control.

The MACD indicators confirm that the MACD line is very close to the signal line, which means that a bearish divergence is possible in the coming days. 

The price action for Dogecoin is testing the middle zone of the Bollinger Bands, and investors can expect a bearish breakout soon.

Conclusion

Dogecoin price analysis for April 7, 2022, ends on a bearish note for the token as losing the $0.14 price level can be expected.