Dogecoin rallies as Mark Cuban comes out in support

Dogecoin price analysis for August 9, 2022, comes on a bullish note for the world’s biggest meme coin as we can confirm that the prices have surge by more than 3.45% in the last 24 hours and investors can expect this bullish trend to continue if the $0.079 price level holds as support for the meme coin. Furthermore, it is also important to note that the owner of Dallas Mavericks, Mark Cuban, a Television personality best known for his role in the panel of investors in Shark Tank, came out in support of the meme coin.

“I still think DOGE has got more applications potentially available to it than Cardano,” Cuban said in a podcast with Altcoin Daily.

As noted in our Dogecoin price analysis for August 8, 2022, the nearest support for Dogecoin stands at $0.060.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surge by 133.21% in the last 24 hours, followed by a 3.32% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.86%, while the Volume / Market Cap Ratio has a value of 0.05708.

The daily candle for Dogecoin opened at a price of $0.07009 and reached a daily high of $0.07500. Furthermore, the daily low for the coin stands at a price of $0.06962, and the price of 1 DOGE at the time of writing is $0.07316.

Dogecoin price analysis on the daily chart for August 9

Dogecoin price analysis on the daily chart for August 9, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 62 which means that Dogecoin bulls currently dominate the price action of the meme coin.

The MACD line and signal line are overlapping but the histogram remains bullish.

The price action for Dogecoin is situated in the bullish region of the Bollinger Bands and a breakout is likely.

Conclusion

Dogecoin price analysis for August 9, 2022, ends on a bullish note for DOGE as chances of retaining the $0.07 price region are high.