Dogecoin once again incapable of turning $0.07 into support

Dogecoin price analysis for July 23, 2022, comes on a bearish note for the biggest meme coin in the crypto space as we can confirm that the chances of token reclaiming $0.07 are diminishing as the bulls failed to turn this region into support. On the other hand, this is a major resistance for the price action, which hasn’t been broken for a long time. The meme coin has been trying to break into the $0.10 price level which is another major resistance for the price action of the token.

Furthermore, as noted in our DOGE price analysis for July 22, 2022, there are considerable chances of the token retaining the $0.06 price level which is a huge support for the meme. Additionally, Dogecoin has been holding its position as the 10th biggest crypto in the market.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 10.98% in the last 24 hours, followed by a 1.82% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.87%, while the Volume / Market Cap Ratio has a value of 0.05305.

The daily candle for Dogecoin opened at a price of $0.06743 and reached a daily high of $0.06927. Furthermore, the daily low for the coin stands at a price of $0.06689, and the price of 1 DOGE at the time of writing is $0.06910.

Dogecoin price analysis on the daily chart for July 23

Dogecoin price analysis on the daily chart for July 23, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 54 which confirms that the bulls are losing control of the Dogecoin price action.

The MACD line is very close to the signal line and investors can expect a bearish divergence if bulls don’t take over.

The price action for Dogecoin is retesting the middle region of the Bollinger Bands as the chances of a breakout into bearish region are high.

Conclusion

Dogecoin price analysis for July 23, 2022, ends on a slightly bearish note for the meme coin with high chances of retaining $0.06.