Dogecoin moves back-and-forth: Either side breakout is possible
Dogecoin price analysis for June 9, 2022, comes on a bearish note for the token with increased chances of losing the $0.08 price region. Furthermore, it is important to note that the meme coin has a major support level in this region and if it fails to retain prices above it, we can expect DOGE to drop further. Additionally, TheCoinRise noted in our DOGE price analysis for June 8, 2022, that the meme coin remains stuck at $0.08 as the bulls and the bears are evenly matched. There is a major resistance for the token towards the $0.09 price level as well which the meme coin hasn’t been able to push through.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 34.31% in the last 24 hours, followed by a 0.15% drop in the market cap. Moreover, the Market Dominance of the coin rose to 0.86%, while the Volume / Market Cap Ratio has a value of 0.02608.
The daily candle for Dogecoin opened at a price of $0.07927 and reached a daily high of $0.08040. Furthermore, the daily low for the coin stands at a price of $0.07893, and the price of 1 DOGE at the time of writing is $0.08022.
Dogecoin price analysis on the daily chart for June 9
Dogecoin price analysis on the daily chart for June 9, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 40 which means that sellers are in control of the market while the gradient of the line suggests that sluggishness will continue.
The MACD indicator shows that the MACD line is above the signal line but the two are now moving closer to each other.
The price action for Dogecoin aims to break out of the lower end of the Bollinger Bands as the selling volume remains high.
Conclusion
Dogecoin price analysis for June 9, 2022, ends on a bearish note for the meme coin with considerable chances of losing $0.080.
