Dogecoin price action remains sluggish as DOGE holds above $0.08

Dogecoin price analysis for June 5, 2022, comes on a sluggish note for the meme coin with increased chances of losing the $0.08 price region if the bears take charge. However, it seems that there is still hope for the bulls because the prices are still holding above this region which is an area of major support for the meme coin, as noted in our DOGE price analysis for June 5. In the last 24 hours, we have seen DOGE drop 0.78% in prices which means that investors can expect sluggish movement in the coming days.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 30.04% in the last 24 hours, followed by a 0.65% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.88%, while the Volume / Market Cap Ratio has a value of 0.0288.

The daily candle for Dogecoin opened at a price of $0.08188 and reached a daily high of $0.08202. Furthermore, the daily low for the coin stands at a price of $0.08060, and the price of 1 DOGE at the time of writing is $0.08116.

Dogecoin price analysis on the daily chart for June 5

Dogecoin price analysis on the daily chart for June 5, 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 means that the selling pressure is currently dominating the meme coin.

The MACD indicator shows that the MACD line is above the signal line but the intensity of the MACD histogram is decreasing.

The price action for Dogecoin failed to break out into the upper end of the Bollinger Bands and as result, we might see a bearish breakout for the token.

Conclusion

Dogecoin price analysis for June 5, 2022, ends on a sluggish note for the meme coin with considerable chances of losing $0.08.