Dogecoin fails to reclaim $0.09: Bullish volume lacks

Dogecoin price analysis for May 20, 2022, ends on a sluggish note for the meme coin as volume remains low for breaking $0.1.
Dogecoin price analysis for May 20, 2022, ends on a sluggish note for the meme coin as volume remains low for breaking $0.1.

Dogecoin price analysis for May 20, 2022, comes on a slightly bullish note for the token with increased chances of breaking the $0.09 price region. However, we cannot expect that the meme coin will be able to retain the price action above this region for there is a major selling pressure towards the $0.1 price region. Moreover, as noted in our DOGE price analysis for May 19, 2022, the nearest support region for the token lies at the 0.08 price region which currently holds strong and it seems that we might see DOGE retain this in the near future as well.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 10.05% in the last 24 hours, followed by a 0.85% rise in the market cap. Moreover, the Market Dominance of the coin dropped to 0.89%, while the Volume / Market Cap Ratio has a value of 0.04981.

The daily candle for Dogecoin opened at a price of $0.0866 and reached a daily high of $0.0880. Furthermore, the daily low for the coin stands at a price of $0.0853, and the price of 1 DOGE at the time of writing is $0.0862.

Dogecoin price analysis on the daily chart for May 20

Dogecoin price analysis on the daily chart for May 20, 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 35 which means that the selling pressure DOGE is defeating the buyers.

The MACD indicator shows that the MACD line remains below the signal line. However, the two lines are getting closer and we might witness bullish divergence soon.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands which means that bears are in control overall and sluggish movement will follow.

Conclusion

Dogecoin price analysis for May 20, 2022, ends on a sluggish note for the meme coin as volume remains low for breaking $0.1.

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