Dogecoin loses $0.07 after a price crash: Investors adviced to stay aware
Dogecoin price analysis for June 29, 2022, comes on a bearish note for the largest meme coin in the crypto market as we have seen the token drop by more than 10% in the last 24 hours and it seems that there is a possibility of another price drop in the coming days. Furthermore, as noted in our DOGE price analysis for June 28, 2022, the token tried to push above the $0.07 price level but failed to do so and as a result, is now retesting the $0.06 price region. Investors are advised to wait before investing in the current market and see if DOGE is able to hold above $0.06 and then invest their money.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 34.19% in the last 24 hours, followed by a 9.08% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.96%, while the Volume / Market Cap Ratio has a value of 0.05828.
The daily candle for Dogecoin opened at a price of $0.06610 and reached a daily high of $0.06758. Furthermore, the daily low for the coin stands at a price of $0.06409, and the price of 1 DOGE at the time of writing is $0.06460.
Dogecoin price analysis on the daily chart for June 29
Dogecoin price analysis on the daily chart for June 29, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 45 which confirms that the bulls have lost to the bears as we have seen an increased sell-off in the last 24 hours.
The MACD indicator shows that the MACD line remains above the signal line but the two are now coming closer to each other hinting at an incoming bearish divergence.
The price action for Dogecoin is retesting the middle of the Bollinger Bands and it seems that sellers are dominating.
Conclusion
Dogecoin price analysis for June 29, 2022, ends on a bearish note for the meme coin with high chances of holding above $0.06.
