Dogecoin fails to break above $0.08: Prices drop nearly 8%

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for June 28, 2022, comes on a bearish note for the meme coin as we can confirm that the prices of the DOGE token have fallen by a whopping 8% in the last 24 hours and it seems that investors can witness another price drop in the coming days of the bulls are unable to take over. Furthermore, as noted in our DOGE price analysis for June 27, 2022, it can be expected that DOGE might retain prices above the $0.07 price level and if it fails, investors might see the meme coin further in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 37.62% in the last 24 hours, followed by a 6.38% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 1.01%, while the Volume / Market Cap Ratio has a value of 0.07529.

The daily candle for Dogecoin opened at a price of $0.07218 and reached a daily high of $0.07340. Furthermore, the daily low for the coin stands at a price of $0.06880, and the price of 1 DOGE at the time of writing is $0.07293.

Dogecoin price analysis on the daily chart for June 28

Dogecoin price analysis on the daily chart for June 28, 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 53 which confirms that overall the bulls are in control of the Dogecoin price action and the gradient of the line suggests that sluggish movement can be seen.

The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram remains bullish.

The price action for Dogecoin broke into the bullish zone of the Bollinger Bands as buyers remain in control of the DOGE price action.

Conclusion

Dogecoin price analysis for June 28, 2022, ends on a bearish note for the meme coin with increased chances of losing $0.07 in the near future.

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