Dogecoin loses the $0.13 price region: Bears prevail

Dogecoin price analysis for May 4, 2022, comes on a bearish note for the token with low chances of losing the $0.13 price region which the token had lost in the last 24 hours. Furthermore, we saw a price crash of over 1.58% in the last 24 hours followed by the continuation of the downtrend that the token was in. As noted in our DOGE price analysis for May 3, 2022, the meme coin tried to retain prices above the $0.13 price region which acted as a minor support for the price action but didn’t hold for long.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 18.52% in the last 24 hours, followed by a 1.07% drop in the market cap. Moreover, the Market Dominance of the token dropped to 1%, while the Volume / Market Cap Ratio has a value of 0.04138.

The daily candle for Dogecoin opened at a price of $0.1294 and reached a daily high of $0.1307. Furthermore, the daily low for the token stands at a price of $0.1293, and the price of 1 DOGE at the time of writing is $0.1295.

Dogecoin price analysis on the daily chart for May 4

Dogecoin price analysis on the daily chart for May 4 will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 45 which means that the chances of Dogecoin gunning for the previous support of the $0.13 region are high.

The MACD indicator shows that the MACD line is below the signal line which means that the bears are overall in control of the price trajectory and we might see another drop soon.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands and the chances of a bearish outbreak from the lower region are high. 

Conclusion

Dogecoin price analysis for May 4, 2022, ends on a bearish note for the meme coin, with high chances of losing the 12 as well.