Dogecoin once again loses $0.070, investors are not happy!

Dogecoin price analysis for August 7, 2022, comes on a bearish note for the world’s biggest meme coin as we can see that the meme coin has lost the $0.07 price level which is acting as a major resistance for the token for now. It is also important to note that DOGE had performed extremely well in the first half of 2021 and after that bullish growth, we have seen the meme coin failed to make higher highs and losing its position in the top 10 on multiple occassions. The market dominance of the token has also dropped significantly from 1%.

As noted in our DOGE price analysis for August 6, 2022, the sluggish price action of the token between $0.06 and $0.07 has been frustrating to the holders and buyers. The nearest support for the Dogecoin token is $0.06.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 41.52% in the last 24 hours, followed by a 1.60% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.84%, while the Volume / Market Cap Ratio has a value of 0.02397.

The daily candle for Dogecoin opened at a price of $0.06863 and reached a daily high of $0.06903. Furthermore, the daily low for the coin stands at a price of $0.06735, and the price of 1 DOGE at the time of writing is $0.06859.

Dogecoin price analysis on the daily chart for August 7

Dogecoin price analysis on the daily chart for August 7, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 53 which means that Dogecoin bulls are losing their dominance.

The MACD line and signal line are overlapping as a bearish divergence is very likely.

The price action for Dogecoin is above the middle zone of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 7, 2022, ends on a bearish note for DOGE as chances of regaining the $0.07 price region is quite low.