Dogecoin finds minor resistance at $0.088: Set to break $0.09

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Dogecoin price analysis for June 1, 2022, comes on a slightly bullish note for the meme coin as we have seen prices jump by more than 2% in the last 24 hours. Furthermore, as noted in our DOGE price analysis for May 31, 2022, the token has a major region of support at the $0.08 price level which needs to hold or lower prices might follow. It is important to note that the token tried to push past the $0.09 price region but failed to do so after finding a minor resistance at the $0.088 price level.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 6.55% in the last 24 hours, followed by a 2.65% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.90%, while the Volume / Market Cap Ratio has a value of 0.05979.

The daily candle for Dogecoin opened at a price of $0.08590 and reached a daily high of $0.08952. Furthermore, the daily low for the coin stands at a price of $0.08522, and the price of 1 DOGE at the time of writing is $0.08821.

Dogecoin price analysis on the daily chart for June 1

Dogecoin price analysis on the daily chart for June 1, 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 44 which means that the bears and the bulls continue to fight for control while the gradient of the line suggests slightly higher prices.

The MACD indicator shows that the MACD line is moving away from the signal line and the MACD histogram remains bullish.

The price action for Dogecoin has broken above the middle zone of the Bollinger Bands and there are increased chances of a bullish breakout.

Conclusion

Dogecoin price analysis for June 1, 2022, ends on a slightly bullish note for the meme coin with considerable chances of breaking $0.09.