Dogecoin jumps 3% as DOGE finally reclaims $0.07

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for August 6, 2022, comes on a slightly bullish note for the biggest meme coin in the crypto space as it is clear that investors have tried to push the token above the $0.07 price region after it failed to do so on multiple occassions. Additionally, the prices have surged by 3.20% in the last 24 hours after DOGE failed to break the nearest resistance a few days ago. This resistance is present at the $0.07 price level and DOGE has failed to retain this region on multiple occassions.

As noted in our DOGE price analysis for August 5, 2022, the Dogecoin token has a major support at the $0.060 price level which has been holding for a very long time and will hold in the near future as well if buyers continue to increase the buying pressure.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 47.07% in the last 24 hours, followed by a 3.25% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.85%, while the Volume / Market Cap Ratio has a value of 0.04101.

The daily candle for Dogecoin opened at a price of $0.06981 and reached a daily high of $0.07133. Furthermore, the daily low for the coin stands at a price of $0.06904, and the price of 1 DOGE at the time of writing is $0.07035.

Dogecoin price analysis on the daily chart for August 6

Dogecoin price analysis on the daily chart for August 6, 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 57 which means that Dogecoin bulls are overall dominating the price action.

The MACD line and signal line are overlapping confirming a lack of volume in the crypto space.

The price action for Dogecoin is above the middle zone of the Bollinger Bands and a bullish breakout is being attempted.

Conclusion

Dogecoin price analysis for August 6, 2022, ends on a slightly bullish note for DOGE as chances of holding above $0.07 are low.

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