Dogecoin jumps 4% as DOGE trading volume is reduced to millions

Dogecoin price analysis for August 8, 2022, comes on a bullish note for the world’s biggest meme coin as it is clear that the price of the token has surged by almost 4% in the last 24 hours and investors might witness another surge in prices if the bullish continue to remain in control of the prices. Additionally, it is also important to note that the nearest resistance for the token stands at the $0.070 price level which has been responsible for the meme coin’s back and forth movement for a very long time.

As noted in our DOGE price analysis for August 7, 2022, the season of the Dogecoin token might’ve died as Elon Musk’s support for the meme coin is dying due to an ongoing lawsuit against the CEO of Tesla for promotion of the meme coin.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surge by 20.17% in the last 24 hours, followed by a 4.26% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.83%, while the Volume / Market Cap Ratio has a value of 0.02663.

The daily candle for Dogecoin opened at a price of $0.06896 and reached a daily high of $0.07152. Furthermore, the daily low for the coin stands at a price of $0.06881, and the price of 1 DOGE at the time of writing is $0.07098.

Dogecoin price analysis on the daily chart for August 8

Dogecoin price analysis on the daily chart for August 8, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 58 which means that Dogecoin bulls are still in charge.

The MACD line and signal line are overlapping but the histogram has turned bullish.

The price action for Dogecoin is situated in the bullish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 8, 2022, ends on a bullish note for DOGE as chances of retaining the $0.07 price region are high.