Dogecoin reclaims $0.08 support after an 8% price surge: Bulls are back?

Dogecoin price analysis for May 28, 2022, ends on a bullish note for the meme coin with high chances of retaining $0.08.
Dogecoin price analysis for May 28, 2022, ends on a bullish note for the meme coin with high chances of retaining $0.08.

Dogecoin price analysis for May 28, 2022, comes on a bullish note for the meme coin which has seen a price surge of more than 8% in the last 24 hours and it seems that the chances of retaining the $0.08 support are high again. In the last few days, we saw DOGE hold on to the $0.08 price support but it was lost and it seems that lower prices will follow. However, taking advantage of the lower prices, DOGE bulls reclaim $0.08. As noted in our DOGE price analysis for May 27, 2022, the meme coin dropped as low as $0.076.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 62.28% in the last 24 hours, followed by a 6.85% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.92%, while the Volume / Market Cap Ratio has a value of 0.1192.

The daily candle for Dogecoin opened at a price of $0.0815 and reached a daily high of $0.0834. Furthermore, the daily low for the coin stands at a price of $0.0808, and the price of 1 DOGE at the time of writing is $0.0828.

Dogecoin price analysis on the daily chart for May 28

Dogecoin price analysis on the daily chart for May 28, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Dogecoin price analysis
Source: TradingView

The RSI indicator reads a value below 37 as the bulls are slowly making their way back into the Dogecoin price action.

The MACD indicator shows that the MACD line is moving away from the signal line which confirms that the demand for the meme coin has increased.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands but we can expect a retest of the middle zone of the Bands if bulls remain in control.

Conclusion

Dogecoin price analysis for May 28, 2022, ends on a bullish note for the meme coin with high chances of retaining $0.08.

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