Dogecoin loses $0.07 after reclaiming it briefly: Key levels to watch
Dogecoin price analysis for July 21, 2022, comes on a bearish note for the meme coin as we can confirm that the token has dropped by more than 4% in the last 24 hours and investors can expect another in the near future as well. Furthermore, it is also important to note that DOGE has found a strong support at the $0.06 price region which has been broken since quite a few weeks and the bulls have been giving it their all to hold above this region. Since DOGE has failed to turn $0.07 price resistance into support, a retest of the $0.06 price level is possible
As noted in our DOGE price analysis for July 20, 2022, the biggest meme coin in the crypto market has been holding its position as the 10th largest cryptocurrency by market capitalization.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 81.69% in the last 24 hours, followed by a 3.79% drop in the market cap. Moreover, the Market Dominance of the coin rests at 0.89%, while the Volume / Market Cap Ratio has a value of 0.1118.
The daily candle for Dogecoin opened at a price of $0.07012 and reached a daily high of $0.07091. Furthermore, the daily low for the coin stands at a price of $0.06691, and the price of 1 DOGE at the time of writing is $0.06844.
Dogecoin price analysis on the daily chart for July 21
Dogecoin price analysis on the daily chart for July 21, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 53 which confirms that the bulls are about to lose their grip over the Dogecoin price action.
The MACD line is above the signal line but the two are very close indicating low volume in the market.
The price action for Dogecoin is retesting the middle region of the Bollinger Bands indicating a breakout into the bearish region might follow.
Conclusion
Dogecoin price analysis for July 21, 2022, ends on a bearish note for the meme coin with high chances of retesting $0.07.
