Dogecoin loses 10th position in the crypto market: Sellers in control
Dogecoin price analysis for June 14, 2022, comes on a bearish note for the meme coin as there are increased chances of the token losing the $0.05 price level in the near future as well. As noted in our DOGE price analysis for June 13, 2022, the token dropped to the $0.05 price region after losing the $0.08 price level. It seems that this region has turned into a minor support level for the token but the bears continue to test this region. If prices hold above $0.05, we can expect DOGE to aim higher in the near future.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 5.95% in the last 24 hours, followed by a 1.89% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.79%, while the Volume / Market Cap Ratio has a value of 0.1603.
The daily candle for Dogecoin opened at a price of $0.05418 and reached a daily high of $0.05842. Furthermore, the daily low for the coin stands at a price of $0.04978, and the price of 1 DOGE at the time of writing is $0.05511.
Dogecoin price analysis on the daily chart for June 14
Dogecoin price analysis on the daily chart for June 14, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 23 which confirms that the DOGE bears are still in control and the gradient of the line suggests that DOGE is being oversold.
The MACD indicator shows that the MACD line remains below the signal line after a bearish divergence which confirms that Dogecoin is stuck in a downtrend.
The price action for Dogecoin broke out from the lower end of the Bollinger Bands and there is a decrease in buying demand for DOGE.
Conclusion
Dogecoin price analysis for June 14, 2022, ends on a bearish note for the meme coin with considerable chances of losing $0.050.
