Dogecoin falls below $0.07 once again: Dominance below 1%

Dogecoin price analysis for August 19, 2022, comes on a bearish note for the world’s biggest meme coin as the token has fallen by 13.63% in the last 24 hours according to data from CoinMarketCap and it seems that the meme coin has lost all the gains that it had made in the past few days. This is not a very good news for investors who have been trying to push the prices higher. Moreover, it is also important to note that the meme coin still retains the 10th position in the market despite losing it quite a while ago.

As noted in our DOGE price analysis for August 18, 2022, the Dogecoin token has a strong support at the $0.060 price level which the DOGE token can be expected to retest in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has soared by 27.66% in the last 24 hours, followed by a 13.63% surge 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 0.1001.

The daily candle for Dogecoin opened at a price of $0.07474 and reached a daily high of $0.07529. Furthermore, the daily low for the coin stands at a price of $0.06850, and the price of 1 DOGE at the time of writing is $0.06982.

Dogecoin price analysis on the daily chart for August 19

Dogecoin price analysis on the daily chart for August 19, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 48 which means that Dogecoin token might fall further.

The MACD line and signal line are now touching each other as a bearish divergence can be confirmed.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 19, 2022, ends on a bearish note for DOGE as chances of retesting $0.060 are high.