Dogecoin price analysis for July 08, 2022, comes on a slightly bullish note for the world’s biggest meme coin in the crypto space. Furthermore, in the last 24 hours, we saw the meme coin rose by 1.31% and the price action broke through the resistance at $0.07. Investors can expect the token to make higher highs in the coming days if the DOGE token is able to once again breach the $0.07 price level and turn it into a support level. However, looking at the buying pressure, the chances of that seem quite low.
As noted in our DOGE price analysis for July 07, 2022, the meme coin has found a strong support zone at the $0.06 price level and has been holding above it for a long time. This support needs to hold for now.
The data from CoinMarketCap shows that the trading volume for Dogecoin has risen by 24.94% in the last 24 hours, followed by a 1.01% rise in the market cap. Moreover, the Market Dominance of the coin drooped to 0.97%, while the Volume / Market Cap Ratio has a value of 0.05139.
The daily candle for Dogecoin opened at a price of $0.07056 and reached a daily high of $0.07350. Furthermore, the daily low for the coin stands at a price of $0.06880, and the price of 1 DOGE at the time of writing is $0.06920.
Dogecoin price analysis on the daily chart for July 8, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 51 while the gradient of the line suggests lower prices.
The MACD indicator shows that the MACD line is very close to the signal line and a bearish divergence might follow soon.
The price action for Dogecoin is retesting the middle of the Bollinger Bands and a breakout into the bearish region is possible.
Dogecoin price analysis for July 8, 2022, ends on a slightly bullish note for the meme coin with high chances of retesting $0.06.
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