Dogecoin holds strong at $0.13: Retains 12th position

Dogecoin price analysis for May 2, 2022, comes on a slightly bullish note for the token with increased chances of remaining bearish in the short term. Furthermore, the token has seen a lot of pressure from the bears recently as it went as high as $0.17 last month but failed to hold there and as a result, fell to the nearest support of $0.14. On the other hand, this important support region was lost, and the token dropped as low as $0.12, as per our DOGE price analysis for May 1, 2022. We can expect lower prices for the meme coin.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 13.32% in the last 24 hours, followed by a 1.49% surge in the market cap. Moreover, the Market Dominance of the token dropped to 1.01%, while the Volume / Market Cap Ratio has a value of 0.05114.

The daily candle for Dogecoin opened at a price of $0.1327 and reached a daily high of $0.1340. Furthermore, the daily low for the token stands at a price of $0.1313, and the price of 1 DOGE at the time of writing is $.1324.

Dogecoin price analysis on the daily chart for May 2

Dogecoin price analysis on the daily chart for May 2 will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 47 which means that the bulls are still in charge of the price action and we can expect higher prices for Dogecoin.

The MACD indicator shows that the MACD line and the signal line are moving further apart from each other with high chances of losing the $0.13 price region as well.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands and investors can expect a bearish outburst for the meme coin.

Conclusion

Dogecoin price analysis for May 2, 2022, ends on a bearish note for the token with high chances of losing $0.13.