Dogecoin failed to break above $0.1: Bears back in action

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Dogecoin price analysis for May 14, 2022, comes on a bearish note for the meme coin with increased chances of remaining on a bearish track. In the last 24 hours, we have seen DOGE lose 3.77% of its value and it seems that the situation might remain similar in the coming days as well. Furthermore, as noted in our DOGE price analysis for May 13, 2022, the bulls aimed to push the token above the $0.1 price region but failed to do so. The meme coin is currently nearly 90% lower than its all-time high above 0.7 USD seen in the year 2021.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 4.99% in the last 24 hours, followed by a 26.42% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.94%, while the Volume / Market Cap Ratio has a value of 0.2133.

The daily candle for Dogecoin opened at a price of $0.0881 and reached a daily high of $0.0920. Furthermore, the daily low for the coin stands at a price of $0.0880, and the price of 1 DOGE at the time of writing is $0.0904.

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Dogecoin price analysis on the daily chart for May 14

Dogecoin price analysis on the daily chart for May 14, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 33 which means that the bears are in control while the gradient of the line suggests sluggish movement for the meme coin.

The MACD indicator shows that the MACD line remains below the signal line as the chances of bullish divergence seem very low for now.

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The price action for Dogecoin broke out from the lower end of the Bollinger Bands and is currently resting there due to lack of volume.

Conclusion

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