Dogecoin holding support at $0.08 as price action remains sluggish

Dogecoin price analysis for May 17, 2022, comes on a sluggish note for the meme coin with a 0.10% price surge in the last 24 hours. It seems that we might continue to witness a slump for the entire crypto market if the bulls don’t come back and buying volume doesn’t surge. In the DOGE price analysis for May 16, 2022, the meme coin has a strong resistance around the $0.1 price region while major support is below the $0.08 price region. We need a clear breakout from either region to confirm a bearish or bullish situation.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 8.09% in the last 24 hours, followed by a 0.80% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.91%, while the Volume / Market Cap Ratio has a value of 0.05067.

The daily candle for Dogecoin opened at a price of $0.0880 and reached a daily high of $0.0903. Furthermore, the daily low for the coin stands at a price of $0.0879, and the price of 1 DOGE at the time of writing is $0.0895.

Dogecoin price analysis on the daily chart for May 17

Dogecoin price analysis on the daily chart for May 17, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 35 which means that overall bears are in control while the gradient of the line suggests that sluggish movement will continue.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram confirms that bears are gradually losing their grips on Dogecoin price action.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands and a retest of the middle zone is possible.