Dogecoin loses $0.08 price support: No relief for investors

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Dogecoin price analysis for June 7, 2022, comes on a bearish note for the meme coin as the bears have taken hold of the market movement and DOGE lost the important price support at the $0.08 price region. This means that the chances of DOGE reclaiming the $0.1 price level in the short term have declined further. The slump in the market continues and as noted in our DOGE price analysis for June 6, 2022, DOGE gave its all to hold above the $0.08 price level but failed to do so as there is a huge resistance beyond $0.09.

The data from CoinMarketCap shows that the trading volume for Dogecoin has risen by 79.07% in the last 24 hours, followed by a 4.71% decline in the market cap. Moreover, the Market Dominance of the coin rose to 0.87%, while the Volume / Market Cap Ratio has a value of 0.05475.

The daily candle for Dogecoin opened at a price of $0.08250 and reached a daily high of $0.08258. Furthermore, the daily low for the coin stands at a price of $0.07769, and the price of 1 DOGE at the time of writing is $0.07898.

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Dogecoin price analysis on the daily chart for June 7

Dogecoin price analysis on the daily chart for June 7, 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 38 which means that the sellers have taken over the price action of Dogecoin and lower prices can be expected.

The MACD indicator shows that the MACD line is above the signal line but the two are now moving closer to each other.

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The price action for Dogecoin aims to break out of the lower end of the Bollinger Bands which might prove to be quite harmful to investors.

Conclusion

Dogecoin price analysis for June 7, 2022, ends on a bearish note for the meme coin with high chances of losing $0.07 as well.

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