Dogecoin price analysis for July 5, 2022, comes on a bearish note for the biggest meme coin in the crypto market despite a 2% price surge that we have witnessed in the last 24 hours. This is because we saw the meme token broke through the $0.07 price level but the DOGE token was unable to retain prices above this region. It seems that investors might need to wait and see if the $0.06 price region is retained as support for not.
As noted in our DOGE price analysis for July 4, 2022, the meme token aimed to reclaim the $0.07 price level after turning $0.06 into support but the bears prevailed and investors capitalized on the surge in prices in the last 24 hours.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 23.05% in the last 24 hours, followed by a 2.28% surge in the market cap. Moreover, the Market Dominance of the coin rose to 1.00%, while the Volume / Market Cap Ratio has a value of 0.04122.
The daily candle for Dogecoin opened at a price of $0.06937 and reached a daily high of $0.07002. Furthermore, the daily low for the coin stands at a price of $0.06741, and the price of 1 DOGE at the time of writing is $0.06766.
Dogecoin price analysis on the daily chart for July 5
Dogecoin price analysis on the daily chart for July 5, 2022, will consider the data presented by 3 major indicators on the daily chart below.
The RSI indicator reads a value below 49 which means that the bulls are trying to take over the price action of Dogecoin.
The MACD indicator shows that the MACD line is coming very close to the signal line and the histogram’s intensity has decreased.
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 5, 2022, ends on a bearish note for the meme coin as chances of holding above $0.06 seem low.
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