Dogecoin holds above strong support but for how long?

Dogecoin price analysis for July 27, 2022, comes on a sluggish note for the world’s biggest meme coin as we can confirm that the prices have surged by almost 0.5% in the last 24 hours and investors might see another drop in the near future if the bulls fail to capitalize on the lower prices and the bearish downtrend the the DOGE token is currently witnessing. Interestingly, we can also confirm that with DOGE bulls failing to retain the $0.07 price region which was an area of resistance for the token, there are considerable chances of DOGE retesting the $0.060 resistance.

As noted in our DOGE price analysis for July 26, 2022, there are considerable chances of the meme coin retaining the $0.06 IF the buyers regain control and sellers are driven out of the price action.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 10.20% in the last 24 hours, followed by a 0.26% surge in the market cap. Moreover, the Market Dominance of the coin rests at 0.85%, while the Volume / Market Cap Ratio has a value of 0.04602.

The daily candle for Dogecoin opened at a price of $0.06253 and reached a daily high of $0.06272. Furthermore, the daily low for the coin stands at a price of $0.06181, and the price of 1 DOGE at the time of writing is $0.06181.

Dogecoin price analysis on the daily chart for July 27

Dogecoin price analysis on the daily chart for July 27, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 42 which confirms that the demand of the Dogecoin token is very low in the market.

The MACD line is very close to the signal line and the MACD histogram has now turned bearish.

The price action for Dogecoin has dropped to the bearish region of the Bollinger Bands and we can expect the downtrend to continue.

Conclusion

Dogecoin price analysis for July 27, 2022, ends on a sluggish note for the meme coin with high chances of retesting $0.060.