Dogecoin fails to break into an uptrend after 3 bullish daily candles

Dogecoin price analysis for May 16, 2022, ends on a bullish note for the meme coin but it is imperative that DOGE reclaims the $0.1
Dogecoin price analysis for May 16, 2022, ends on a bullish note for the meme coin but it is imperative that DOGE reclaims the $0.1

Dogecoin price analysis for May 16, 2022, comes on a bullish note for the coin with increased chances of breaking above the $0.1 price region if the buying volume surges. Furthermore, as noted in our DOGE price analysis for May 15, 2022, the nearest support for the meme coin rests at the $0.08 price region and it seems that we have a strong buy pressure below that region. However, the nearest resistance is around and above the $0.1 price region which needs to be reclaimed to confirm an optimistic move for DOGE. Currently, DOGE is more than 87% low than its all-time high.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 21.83% in the last 24 hours, followed by a 2.85% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.92%, while the Volume / Market Cap Ratio has a value of 0.05458.

The daily candle for Dogecoin opened at a price of $0.0932 and reached a daily high of $0.0932. Furthermore, the daily low for the coin stands at a price of $0.0891, and the price of 1 DOGE at the time of writing is $0.0895.

Dogecoin price analysis on the daily chart for May 16

Dogecoin price analysis on the daily chart for May 16, 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 34 which means that the bears are in control while the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line remains below the signal line although the two lines are getting closer which indicates that a bullish divergence might be seen soon.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands although we might see DOGE retest the middle zone soon.

Conclusion

Dogecoin price analysis for May 16, 2022, ends on a bullish note for the meme coin but it is imperative that DOGE reclaims the $0.1 price region.