Dogecoin loses $0.14 as support: Buy now?

Dogecoin price analysis for April 22, 2022, comes on a bearish note for the token, which has seen a price drop of nearly 2% in the last 24 hours. The token had been holding on to long-time support of $0.14, which was finally lost in the last 24 hours, and it is expected that the $0.13 price region might hold as support. If it doesn’t, we can witness another price drop as well. As noted in our Dogecoin price analysis for April 21, 2022, the nearest resistance zone for the token stands at a price of $0.15 and $0.17 as well. 

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 21.00% in the last 24 hours, followed by a 2.54% drop in the market cap. Moreover, the Market Dominance of the token is now once again back below 0.97%, while the Volume / Market Cap Ratio has a value of 0.04016.

The daily candle for Dogecoin opened at a price of $0.1362 and reached a daily high of $0.1373. Furthermore, the daily low for the token stands at a price of $0.1357, and the price of 1 DOGE at the time of writing is $0.1372.

Dogecoin price analysis on the daily chart for April 22

Dogecoin price analysis on the daily chart for April 22 will take into account the data from the indicators integrated into the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line is below the signal line, which confirms that the selling pressure is high for Dogecoin. 

The RSI indicator reads a value below 48 for DOGE, which means that lower prices might follow in the near future. 

The price action might break out of the bearish zone of the Bollinger Bands if conditions remain the same for the meme coin.

Conclusion

Dogecoin price analysis for April 22, 2022, ends on a bearish note for the token as the chances of losing $0.13 remain high.