Dogecoin finally breaks above the $0.07 price level

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for July 20, 2022, comes on a bullish note for the world’s biggest meme coin as we can confirm that the prices have surged by more than 6% in the last 24 hours and investors can expect the meme coin to make higher highs in the coming days as well. Furthermore, in the last 24 hours, the meme coin finally broke through the $0.07 price resistance which was a strong resistance point.

As noted in our DOGE price analysis for July 19, 2022, the nearest support for the token stands at the $0.06 price level which has been holding for long. If the coin makes higher highs, we can expect Dogecoin to reclaim the $0.10 price region as well.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 11.42% in the last 24 hours, followed by a 6.34% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.89%, while the Volume / Market Cap Ratio has a value of 0.05853.

The daily candle for Dogecoin opened at a price of $0.06902 and reached a daily high of $0.07146. Furthermore, the daily low for the coin stands at a price of $0.06770, and the price of 1 DOGE at the time of writing is $0.07129.

Dogecoin price analysis on the daily chart for July 20

Dogecoin price analysis on the daily chart for July 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 58 which confirms that the buyers are overall in control of the Dogecoin price action.

The MACD line is above the signal line while the MACD histogram remains bullish as well.

The price action for Dogecoin is retesting the upper zone of the Bollinger Bands indicating that bullish movement will follow.

Conclusion

Dogecoin price analysis for July 20, 2022, ends on a sluggish note for the meme coin with high chances of retaining $0.07.

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