Dogecoin loses $0.7 as well: A retest of $0.5 on the table?
Dogecoin price analysis for June 12, 2022, comes on a bearish note for the meme coin with high chances of losing the $0.06 price region in the next 24 hours. Furthermore, as noted in our DOGE price analysis for June 11, 2022, the chances of the meme coin breaking above the $0.08 price region seem quite low. It is important to note that the selling pressure is very high for the meme coin and expecting a bullish wave from the token is futile. It is imperative for DOGE to hold price action above $0.06 or else we might see a downfall towards $0.05.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 31.00% in the last 24 hours, followed by a 10.87% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.79%, while the Volume / Market Cap Ratio has a value of 0.05968.
The daily candle for Dogecoin opened at a price of $0.06994 and reached a daily high of $0.07037. Furthermore, the daily low for the coin stands at a price of $0.06504, and the price of 1 DOGE at the time of writing is $0.06576.
Dogecoin price analysis on the daily chart for June 12
Dogecoin price analysis on the daily chart for June 12, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 27 which means that the sellers are dominating the price action for Dogecoin while the gradient of the line suggests that lower prices are possible.
The MACD indicator shows that the MACD line has broken below the signal line and bearish divergence can be confirmed.
The price action for Dogecoin broke out from the lower end of the Bollinger Bands and the downtrend for the meme coin continues.
Conclusion
Dogecoin price analysis for June 12, 2022, ends on a bearish note for the meme coin with high chances of losing $0.06.
