Dogecoin remains sluggish as prices hold above $0.06

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Dogecoin price analysis for June 24, 2022, comes on a bearish note for the token as the chances of the largest meme coin by market cap retaining the $0.06 price region as support seem quite high. The market has been bearish and volatility has been high. However, as noted in our DOGE price analysis for June 23, 2022, the meme coin continues to hold its position as the 10th biggest cryptocurrency in the market and it seems that investors need to watch out for $0.06 to hold or else, a bearish breakout toward $0.05 seems quite possible.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 19.77% in the last 24 hours, followed by a 0.40% surge in the market cap. Moreover, the Market Dominance of the coin rests at 0.93%, while the Volume / Market Cap Ratio has a value of 0.05297.

The daily candle for Dogecoin opened at a price of $0.06398 and reached a daily high of $0.06645. Furthermore, the daily low for the coin stands at a price of $0.06391, and the price of 1 DOGE at the time of writing is $0.06454.

Dogecoin price analysis on the daily chart for June 24

Dogecoin price analysis on the daily chart for June 24, 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 45 which means that there are still chances of the bulls taking over and the gradient of the line suggests that higher prices are possible.

The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram is bullish for the meme token.

The price action for Dogecoin is retesting the middle zone of the Bollinger Bands and a breakout into the bullish region can be expected.

Conclusion

Dogecoin price analysis for June 24, 2022, ends on a sluggish note for the meme coin as we can expect the $0.06 price region to hold as support.

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