Dogecoin price analysis for July 12, 2022, comes on a bearish note for the biggest meme coin in the crypto space and it seems that there are considerable chances of the token losing the key support zone of $0.06. This support region has been holding for a long time and if DOGE loses it, we can expect the continuation of the downtrend for the meme coin. Furthermore, the market is currently experiencing a huge selling pressure as in the last 24 hours, almost every coin has crashed.
As noted in our Dogecoin price analysis for July 11, 2022, Dogecoin aimed to breach the $0.07 price region and turn it into support but failed to do so due to sellers gaining dominance. As a result, we can expect another price drop soon.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 3.61% in the last 24 hours, followed by a 6.85% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.92%, while the Volume / Market Cap Ratio has a value of 0.04039.
The daily candle for Dogecoin opened at a price of $0.06175 and reached a daily high of $0.06316. Furthermore, the daily low for the coin stands at a price of $0.06037, and the price of 1 DOGE at the time of writing is $0.06077.
Dogecoin price analysis on the daily chart for July 12, 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 confirms that the selling pressure remains high in the market.
The MACD line has nearly broken below the signal line and a bearish divergence is certainly possible.
The price action for Dogecoin is retesting the lower end of the Bollinger Bands indicating that a bearish breakout might follow.
Dogecoin price analysis for July 12, 2022, ends on a bearish note for the meme coin with high chances of losing $0.06.
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