Dogecoin once again above $0.07: Bullish rally to come?

Dogecoin price analysis for July 22, 2022, comes on a bullish note for the world’s biggest meme coin as we can confirm that the prices have surged by more than 1% in the last 24 hours. However, it is also important to note that the chances of the meme coin making higher highs in the coming days remain low if the token doesn’t hold above the $0.07 price level. Beyond this lies a zone of resistance which the DOGE bulls have failed to break through. A huge buying pressure is needed to reverse the trend and break above the $0.1 price level.

As noted in our DOGE price analysis for July 21, 2022, there are considerable chances of the meme coin aiming for the $0.10 price level if the $0.07 price level holds and is turned into a support level.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 52.29% in the last 24 hours, followed by a 1.93% surged in the market cap. Moreover, the Market Dominance of the coin rests at 0.89%, while the Volume / Market Cap Ratio has a value of 0.0519.

The daily candle for Dogecoin opened at a price of $0.06997 and reached a daily high of $0.07093. Furthermore, the daily low for the coin stands at a price of $0.06978, and the price of 1 DOGE at the time of writing is $0.07056.

Dogecoin price analysis on the daily chart for July 22

Dogecoin price analysis on the daily chart for July 22, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 57 which confirms that the bulls are still in control of the Dogecoin price action.

The MACD line is above the signal line but the two are very close as the histogram also remains sluggish.

The price action for Dogecoin is situated in the upper region of the Bollinger Bands as the bands narrow down, indicating decreased volume.

Conclusion

Dogecoin price analysis for July 22, 2022, ends on a sluggish note for the meme coin with high chances of losing $0.07 once again.