Dogecoin reclaims $0.09 briefly, falls nearly 2% thereafter

Dogecoin price analysis for May 18, 2022, ends on a sluggish note for the meme coin with high chances of retesting $0.08.
Dogecoin price analysis for May 18, 2022, ends on a sluggish note for the meme coin with high chances of retesting $0.08.

Dogecoin price analysis for May 18, 2022, comes on a bearish note for the meme coin as we have seen a price drop of over 1.5% in the last 24 hours which means that the bears are currently in control of the price action. Moreover, as noted in our DOGE price analysis for May 17, 2022, the nearest support for the meme coin is present at the $0.08 price region which currently holds. The token is stuck between the $0.08-$0.1 price region and a breakout from either of these is needed to discuss the future possibilities for DOGE.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 3.92% in the last 24 hours, followed by a 0.90% drop 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 0.04467.

The daily candle for Dogecoin opened at a price of $0.0903 and reached a daily high of $0.0910. Furthermore, the daily low for the coin stands at a price of $0.0882, and the price of 1 DOGE at the time of writing is $0.0888.

Dogecoin price analysis on the daily chart for May 18

Dogecoin price analysis on the daily chart for May 18, 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 35 which means that the price action for DOGE is sluggish and possibilities of higher prices remain slim.

The MACD indicator shows that the MACD line remains below the signal line while the MACD histogram is filled with bearish bars. The two lines are getting closer with increased chances of a bullish divergence.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands which means that selling pressure is still high.

Conclusion

Dogecoin price analysis for May 18, 2022, ends on a sluggish note for the meme coin with high chances of retesting $0.08.

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