Dogecoin jumps more than 20% in 24 hours: Set to breach $0.1

Dogecoin price analysis for May 13, 2022, ends on a bearish note for the meme coin with considerable chances of breaking above $0.1 soon.
Dogecoin price analysis for May 13, 2022, ends on a bearish note for the meme coin with considerable chances of breaking above $0.1 soon.

Dogecoin price analysis for May 13, 2022, comes on a bullish note for the meme coin which has seen a price surge of over 26.43% in the last 24 hours. Furthermore, it seems that the coin aims to push above the $0.1 price region but the bears are not letting DOGE bulls do so. In the last 24 hours, the meme coin rebounded from the $0.07 price region and now aims to push above $0.1. As noted in our DOGE price analysis for May 12, 2022, the meme coin has found an important support region at $0.7 which might be retested if bulls don’t take over.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 4.99% in the last 24 hours, followed by a 26.42% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.94%, while the Volume / Market Cap Ratio has a value of 0.2133.

The daily candle for Dogecoin opened at a price of $0.0826 and reached a daily high of $0.0951. Furthermore, the daily low for the coin stands at a price of $0.0820, and the price of 1 DOGE at the time of writing is $0.0935.

Dogecoin price analysis on the daily chart for May 13

Dogecoin price analysis on the daily chart for May 13, 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 35 which means that the bulls are taking control from the bears in the market while the gradient of the line suggests higher prices.

The MACD indicator shows that the MACD line remains below the signal line while the MACD histogram confirms that selling pressure is gradually declining.

The price action for Dogecoin broke out from the lower end of the Bollinger Bands but is now once again back in the lower region.

Conclusion

Dogecoin price analysis for May 13, 2022, ends on a bearish note for the meme coin with considerable chances of breaking above $0.1 soon.

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