Dogecoin price analysis for July 18, 2022, comes on a bearish note for the meme coin as we confirm that DOGE token’s performance in the past few days hasn’t been quite bullish. We can also see that the prices of the token dropped by 1.45% in the last 24 hours and investors can expect another drop in the coming days if similar situation prevails. It seems that the investors’ interest in the meme coin has dropped in the past few weeks as the token failed to make a move towards the $0.07 price resistance despite a recovering market.
As noted in our Dogecoin price analysis for July 18, 2022, there are considerable chances of the meme coin losing the $0.06 price region if the $0.07 price level is not reclaim in the near future.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 11.19% in the last 24 hours, followed by a 2.01% surge in the market cap. Moreover, the Market Dominance of the coin rests at 0.88%, while the Volume / Market Cap Ratio has a value of 0.02947.
The daily candle for Dogecoin opened at a price of $0.06306 and reached a daily high of $0.06354. Furthermore, the daily low for the coin stands at a price of $0.06299, and the price of 1 DOGE at the time of writing is $0.06346.
Dogecoin price analysis on the daily chart for July 18
Dogecoin price analysis on the daily chart for July 18, 2022, will consider the data presented by 3 major indicators on the daily chart below.
The RSI indicator reads a value below 45 which confirms that the bears are overall in control of the Dogecoin price action.
The MACD line and the signal line are overlapping which confirms that sluggish movement will prevail.
The price action for Dogecoin is is situated in the lower zone of the Bollinger Bands indicating that a bearish breakout might follow.
Conclusion
Dogecoin price analysis for July 18, 2022, ends on a sluggish note for the meme coin with high chances of retesting $0.06 support.
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