Dogecoin encounters resistance at $0.07: Retests $0.06 price level

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for June 22, 2022, comes on a bearish note for the token as we have witnessed the meme coin crash 6% in prices in the last 24 hours. Additionally, we can expect DOGE to continue its retest of $0.06 and make a move once again toward $0.07 if the bulls regain domination. As noted in our DOGE price analysis for June 21, 2022, the meme coin has a major resistance region at the $0.07 price level which it was unable to push through. Now, we can see that there is a steep decline in buying volume for the meme coin.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 14.66% in the last 24 hours, followed by a 7.11% drop in the market cap. Moreover, the Market Dominance of the coin rose to 0.93%, while the Volume / Market Cap Ratio has a value of 0.09162.

The daily candle for Dogecoin opened at a price of $0.06583 and reached a daily high of $0.06583. Furthermore, the daily low for the coin stands at a price of $0.06105, and the price of 1 DOGE at the time of writing is $0.06349.

Dogecoin price analysis on the daily chart for June 22

Dogecoin price analysis on the daily chart for June 22, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Dogecoin price analysis
Source: TradingView

The RSI indicator reads a value below 43 indicating that the bulls are aiming to take over but the bears are giving them a fight. The gradient of the line suggests lower prices.

The MACD indicator shows that the MACD line remains above the signal line after we witnessed a bullish divergence on the daily chart.

The price action for Dogecoin failed to retest the middle zone of the Bollinger Bands which confirms that DOGE will remain bearish.

Conclusion

Dogecoin price analysis for June 22, 2022, ends on a bearish note for the meme coin with considerable chances of retaining $0.06.

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