Dogecoin remains below previous resistance as market remains bearish

Dogecoin price analysis for August 20, 2022, comes on a bearish note for the DOGE token as the chances of making higher highs in the coming days remain very low for the meme coin. Additionally, the DOGE token has dropped by 6.35% in the last 24 hours and the past week has been very bearish for the world’s biggest meme coin. Additionally, the nearest resistance for the token stands at the $0.070 price level which DOGE bulls tried to breach on a number of occassions. This resistance for the meme coin failed to turned into support.

As noted in our DOGE price analysis for August 19, 2022, the world’s biggest meme coin has a strong support at the $0.060 price level which has been holding for a very long time. The meme coin ranks among the top 10 cryptocurrencies.

The data from CoinMarketCap shows that the trading volume for Dogecoin has soared by 13.15% in the last 24 hours, followed by a 6.25% drop in the market cap. Moreover, the Market Dominance of the coin surged to 0.91%, while the Volume / Market Cap Ratio has a value of 0.09366.

The daily candle for Dogecoin opened at a price of $0.0677 and reached a daily high of $0.07013. Furthermore, the daily low for the coin stands at a price of $0.06771, and the price of 1 DOGE at the time of writing is $0.06921.

Dogecoin price analysis on the daily chart for August 20

Dogecoin price analysis on the daily chart for August 20, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 48 which means that Dogecoin token might continue to fall.

The MACD line has dropped below the signal line which confirms a bearish divergence for the DOGE token.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 20, 2022, ends on a bearish note for DOGE as chances of retesting $0.060 are high.