Dogecoin price action turns sluggish as prices dump 1%

Dogecoin price analysis for July 24, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that the prices have dropped by more than 1% in the last 24 hours and additional price crashes are possible as well. In the same duration, we saw DOGE lose the $0.07 price region which is a huge resistance for the meme coin. The meme coin successfully broke above that resistance but failed to retain prices above it. It will be interesting to see if the meme coin is able to reclaim it in the near future.

As noted in our DOGE price analysis for July 23, 2022, there are considerable chances of the token retesting the lower $0.06 price regions and attempt to retest the strong support at $0.060.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 12.03% in the last 24 hours, followed by a 1.14% drop in the market cap. Moreover, the Market Dominance of the coin rose to 0.88%, while the Volume / Market Cap Ratio has a value of 0.04714.

The daily candle for Dogecoin opened at a price of $0.06802 and reached a daily high of $0.06858. Furthermore, the daily low for the coin stands at a price of $0.06760, and the price of 1 DOGE at the time of writing is $0.06801.

Dogecoin price analysis on the daily chart for July 24

Dogecoin price analysis on the daily chart for July 24, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 52 which indicates that the bears are now closing in on the bulls and Dogecoin prices might drop further.

The MACD line is very close to the signal line and sluggish movement will follow in the near future as well.

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 24, 2022, ends on a slightly bearish note for the meme coin with low chances of reclaiming $0.07.