Dogecoin nears critical price level: What to expect?

Dogecoin price analysis for August 25, 2022, comes on a bullish note for the world’s biggest meme coin as the price have surged by 2.19% in the last 24 hours and it is possible that the chances of the DOGE token breaking into an uptrend seem considerably higher. Furthermore, there are chances of DOGE token trying to retest the $0.07 price level as well. However, it is also possible that the uptrend for the meme coin might be delayed due to a lack of trading volume. Interestingly, DOGE has been retaining $0.060 price level as a support region for a very long time.

As noted in our DOGE price analysis for August 24, 2022, the Dogecoin token might continue to retain the $0.060 price level as well. It is also crucial to note that the chances of breaking $0.070 remain considerably high.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 3.17% in the last 24 hours, followed by a 1.94% surge in the market cap. Moreover, the Market Dominance of the coin rests at 0.88%, while the Volume / Market Cap Ratio has a value of 0.03682.

The daily candle for Dogecoin opened at a price of $0.06791 and reached a daily high of $0.06935. Furthermore, the daily low for the coin stands at a price of $0.06780 and the price of 1 DOGE at the time of writing is $0.06922.

Dogecoin price analysis on the daily chart for August 25

Dogecoin price analysis on the daily chart for August 25, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 48 which means that the Dogecoin sellers are fighting tooth and nail.

The MACD line has dropped below the signal line as the histogram remains bearish.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 25, 2022, ends on a slightly bullish note for DOGE as we can expect it to retest $0.07.