Dogecoin holds support at $0.08: What to expect?

Dogecoin price analysis for May 21, 2022, ends on a sluggish note for the meme coin as the $0.08 price level holds as major support.
Dogecoin price analysis for May 21, 2022, ends on a sluggish note for the meme coin as the $0.08 price level holds as major support.

Dogecoin price analysis for May 21, 2022, comes on a bearish note for the meme coin with increased chances of retaining the $0.08 price region. In the last 24 hours, we saw DOGE lose 2.75% of its price and it seems that we might continue to witness this sluggish action unless a huge surge in buying volume occurs. As noted in our DOGE price analysis for May 20, 2022, the meme coin has a strong resistance beyond the $0.09 price level and it is imperative for the token to break the $0.1 price region and resume its journey towards $0.17.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 13.21% in the last 24 hours, followed by a 3.62% drop in the market cap. Moreover, the Market Dominance of the coin rests at 0.89%, while the Volume / Market Cap Ratio has a value of 0.04473.

The daily candle for Dogecoin opened at a price of $0.0840 and reached a daily high of $0.843. Furthermore, the daily low for the coin stands at a price of $0.0824, and the price of 1 DOGE at the time of writing is $0.0840.

Dogecoin price analysis on the daily chart for May 21

Dogecoin price analysis on the daily chart for May 21, 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 34 which means that the selling pressure DOGE is defeating the buying pressure. The gradient of the line suggests sluggish movement.

The MACD indicator shows that the MACD line remains below the signal line. However, the two lines are getting closer and a bullish divergence on the daily chart might be seen soon.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands which means that the downtrend for the token continues.

Conclusion

Dogecoin price analysis for May 21, 2022, ends on a sluggish note for the meme coin as the $0.08 price level holds as major support.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.