Dogecoin holding strong above $0.08 amidst major market sell-off

Dogecoin price analysis for June 4, 2022, ends on a sluggish note for the meme coin with high chances of losing $0.08.
Dogecoin price analysis for June 4, 2022, ends on a sluggish note for the meme coin with high chances of losing $0.08.

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Dogecoin price analysis for June 4, 2022, comes on a sluggish note for the meme coin but it is also a fact that the token has major support at the $0.08 price region which currently holds strong. On the other hand, as noted in our DOGE price analysis for June 3, 2022, the meme coin tried to break into the $0.09 price level but failed to do so due to increased pressure from the bears. It is important to note that DOGE bulls might have to fight off the DOGE bears soon or else, we might see the meme coin lose the 10th position in the crypto market.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 11.07% in the last 24 hours, followed by a 0.95% drop 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 0.04059.

The daily candle for Dogecoin opened at a price of $0.08033 and reached a daily high of $0.08198. Furthermore, the daily low for the coin stands at a price of $0.07932, and the price of 1 DOGE at the time of writing is $0.08175.

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Dogecoin price analysis on the daily chart for June 4

Dogecoin price analysis on the daily chart for June 4, 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 40 which means that the bears are overall in control of the price action.

The MACD indicator shows that the MACD line is above the signal line although the two lines are coming closer hinting at a bearish divergence.

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The price action for Dogecoin failed to break out from the upper end of the Bollinger Bands and it seems that a break out from the lower region is likely.

Conclusion

Dogecoin price analysis for June 4, 2022, ends on a sluggish note for the meme coin with high chances of losing $0.08.

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