Dogecoin maintains price action above $0.12: Higher prices to follow?

Dogecoin price analysis for May 7, 2022, comes on a bearish note for the meme coin although DOGE was able to retain prices above the $0.12 price region. Furthermore, we can also see that in the last 24 hours, the meme coin has seen a price drop of 1.11% and it seems that we might continue to see lower prices in the coming days. Moreover, as noted in our DOGE price analysis for May 6, 2022, DOGE lost major support at the $0.13 price region and as a result, we saw the continuation of the downtrend.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 27.25% in the last 24 hours, followed by a 1.18% drop in the market cap. Moreover, the Market Dominance of the coin rose to 1.03%, while the Volume / Market Cap Ratio has a value of 0.05103.

The daily candle for Dogecoin opened at a price of $0.1277 and reached a daily high of $0.1289. Furthermore, the daily low for the coin stands at a price of $0.1261, and the price of 1 DOGE at the time of writing is $0.1271.

Dogecoin price analysis on the daily chart for May 7

Dogecoin price analysis on the daily chart for May 7 will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 44 which confirms that the chances of bears remaining in control are high as the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line remains below the signal line as the histogram is also bearish for Dogecoin.

The price action for Dogecoin remains in the bearish region of the Bollinger Bands and it seems that we can expect a bearish outbreak for the meme coin in the coming days.

Conclusion

Dogecoin price analysis for May 7, 2022, ends on a bearish note for the meme coin with high chances of losing $0.12 in the near future.