Dogecoin jumps nearly 7%, but it is not the time to rejoice
Dogecoin price analysis for June 16, 2022, comes on a bearish note for the world’s biggest meme coin and there are increased chances of retaining the $0.05 price region if the bulls take over from here and attempt to breach the $0.06 price region as well. Furthermore, in the last 24 hours, we have seen DOGE jump 7% in prices but this is not the time to be happy. DOGE needs to retain $0.05 or else, we can expect another crash. As noted in our DOGE price analysis for June 15, 2022, DOGE lost the 10th position in the crypto market but has since then reclaimed that position.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 43.47% in the last 24 hours, followed by an 8.66% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.78%, while the Volume / Market Cap Ratio has a value of 0.1058.
The daily candle for Dogecoin opened at a price of $0.05556 and reached a daily high of $0.05643. Furthermore, the daily low for the coin stands at a price of $0.05041, and the price of 1 DOGE at the time of writing is $0.05103.
Dogecoin price analysis on the daily chart for June 16
Dogecoin price analysis on the daily chart for June 16, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 30 which confirms that the DOGE bears aim to take over while the gradient of the line suggests that DOGE is about to enter the oversold region once again.
The MACD indicator shows that the MACD line remains below the signal line and the bearish intensity of the MACD histogram has increased.
The price action for Dogecoin broke out from the lower end of the Bollinger Bands but has now re-entered the lower region of the Bands.
Conclusion
Dogecoin price analysis for June 16, 2022, ends on a bearish note for the meme coin with considerable chances of retaining $0.050.
