Dogecoin rebounds from $0.10: What’s next for the meme coin?

Dogecoin price analysis for May 10, 2022, comes on a bearish note for the meme coin with increased chances of retaining the $0.11 price region. In the last 24 hours, the meme coin dropped 8.54% in price and it seems that we might continue to see similar price movement in the near future. The DOGE price analysis for May 9, 2022, shows us that the coin had major support at the $0.13 price region which failed to hold as support and we can now expect the meme coin to once again retest the $0.10 price region as the bears continue to dominate.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 165.86% in the last 24 hours, followed by a 10.87% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 1.02%, while the Volume / Market Cap Ratio has a value of 0.1248.

The daily candle for Dogecoin opened at a price of $0.1018 and reached a daily high of $0.1104. Furthermore, the daily low for the coin stands at a price of $0.0992, and the price of 1 DOGE at the time of writing is $0.1103.

Dogecoin price analysis on the daily chart for May 10

Dogecoin price analysis on the daily chart for May 10, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 36 which confirms that the bears remain in control but the gradient of the line confirms that the meme coin will see higher prices today.

The MACD indicator shows that the MACD line remains below the signal line which means that the selling pressure is quite high.

The price action for Dogecoin dropped below the bearish region of the Bollinger Bands and continued the downtrend for the meme coin.

Conclusion

Dogecoin price analysis for May 10, 2022, ends on a bearish note for the meme coin with considerable chances of losing $0.10 in the near future.