Dogecoin failed to hold above this price region, dropped 3%: Sell now?

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Dogecoin price analysis for July 9, 2022, comes on a bearish note for the DOGE token as we can see that the meme coin continues to aim for the $0.07 price resistance zone. Furthermore, it is clear that the token successfully breached this price resistance but it was unable to retain prices above this region. In the last 24 hours, the prices have dropped more than 3.5%. It is important to note that there are increased chances of the token once again retesting the $0.06 price level.

Additionally, we have also seen in our DOGE price analysis for July 9, 2022, that the meme coin has to make a move towards the $0.10 price level which is another major resistance zone to confirm a trend reversal.

Theย data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 4.39% in the last 24 hours, followed by a 3.54% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.96%, while the Volume / Market Cap Ratio has a value of 0.04472.

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The daily candle for Dogecoin opened at a price of $0.06906 and reached a daily high of $0.06906. Furthermore, the daily low for the coin stands at a price of $0.06890, and the price of 1 DOGE at the time of writing is $0.06912.

Dogecoin price analysis on the daily chart for July 9

Dogecoin price analysis on the daily chart for July 9, 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 50 which confirms that the bears are now in control.

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The MACD indicator shows that the MACD line is very close to the signal line and sluggish movement follows.

The price action for Dogecoin is retesting the middle of the Bollinger Bands and a breakout into the bearish region is possible.

Conclusion

Dogecoin price analysis for July 9, 2022, ends on a slightly bullish note for the meme coin with low chances of reclaiming $0.07.

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