Dogecoin remains below $0.13 price region: DOGE crash coming?

Dogecoin price analysis for May 9, 2022, comes on a bearish note for the meme coin with increased chances of losing the $0.12 price region which has been holding strong as major support. Furthermore, as noted in our Dogecoin price analysis for May 8, 2022, the meme coin has been holding support at the $0.12 price region while price action also remains sluggish for the coin. With the market currently experiencing a sell-off period, we can expect DOGE to drop further in the coming days. The meme coin is more than 83.33% low from its all-time high noted on May 08, 2021.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 15.62% in the last 24 hours, followed by a 2.65% drop in the market cap. Moreover, the Market Dominance of the coin rests at 1.05%, while the Volume / Market Cap Ratio has a value of 0.04194.

The daily candle for Dogecoin opened at a price of $0.1241 and reached a daily high of $0.1253. Furthermore, the daily low for the coin stands at a price of $0.1209, and the price of 1 DOGE at the time of writing is $0.1226.

Dogecoin price analysis on the daily chart for May 9

Dogecoin price analysis on the daily chart for May 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 which confirms that the bears remain in control and the chances of the coin remaining bearish seem quite high.

The MACD indicator shows that the MACD line remains below the signal line followed by a bearish MACD histogram as well.

The price action for Dogecoin remains in the bearish region of the Bollinger Bands as the downtrend for the meme coin continues.

Conclusion

Dogecoin price analysis for May 9, 2022, ends on a bearish note for the meme coin with considerable chances of losing $0.12 as support.