Dogecoin loses $0.07 after bullish momentum breaks down

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for August 10, 2022, comes on a bearish note for the world’s biggest meme coin as we can expect DOGE to fail in attaining higher prices in the near future. Furthermore, it is also important to note that with DOGE token has dropped almost 7% in the last 24 hours as the market seems bearish for now. DOGE also lost the $0.07 price level which was a major resistance zone for the meme coin despite a surge in the trading volume. It seems that investors have capitalized on the higher proces.

As noted in our DOGE price analysis for August 9, 2022, the nearest support for the token is present at the $0.060 price level and we can expect Dogecoin to retest this region in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 8.42% in the last 24 hours, followed by a 6.54% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.83%, while the Volume / Market Cap Ratio has a value of 0.05552.

The daily candle for Dogecoin opened at a price of $0.06902 and reached a daily high of $0.06908. Furthermore, the daily low for the coin stands at a price of $0.06649, and the price of 1 DOGE at the time of writing is $0.06818.

Dogecoin price analysis on the daily chart for August 10

Dogecoin price analysis on the daily chart for August 10, 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 51 which means that Dogecoin bulls are losing their dominance.

The MACD line and signal line are almost overlapping while intensity of histogram continues to decrease.

The price action for Dogecoin is situated in the bullish region of the Bollinger Bands while a breakout into the bearish region is likely.

Conclusion

Dogecoin price analysis for August 10, 2022, ends on a bearish note for DOGE with increased chances of retesting $0.060.

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