Dogecoin ends July at a 1% price surge: Investors lose faith

Dogecoin price analysis for August 1, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that the prices of the DOGE token have dropped by 1.73% in the last 24 hours and lost the $0.07 price level which was the nearest support for the meme coin. Additionally, investors have been disappointed in the performance of the meme coin recently as the prices have surged by only 1% in the last 30 days and July was not a very favorable month for DOGE investors. However, it will be interesting to see what happens in the near future.

As noted in our DOGE price analysis for July 31, 2022, there is a considerable amount of support for the token at the $0.060 price region which might be retested in the near future. Over the past few weeks, the dominance of the meme coin has also dropped considerably from 1%.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 31.48% in the last 24 hours, followed by a 1.32% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.84%, while the Volume / Market Cap Ratio has a value of 0.05707.

The daily candle for Dogecoin opened at a price of $0.06809 and reached a daily high of $0.0692. Furthermore, the daily low for the coin stands at a price of $0.06790, and the price of 1 DOGE at the time of writing is $0.06869.

Dogecoin price analysis on the daily chart for August 1

Dogecoin price analysis on the daily chart for August 1, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 53 which means that the bulls are about to lose dominance over the price action of Dogecoin.

The MACD line is nearly overlapping over the signal line which suggests a lack of volume.

The price action for Dogecoin is retesting the middle zone of the Bollinger Bands which further confirms bearishness.

Conclusion

Dogecoin price analysis for August 1, 2022, ends on a bearish note for the meme coin as we can expect DOGE to drop to $0.06 once again.