Dogecoin retains $0.08 despite selling pressure from bears

Dogecoin price analysis for May 24, 2022, ends on a bearish note for the meme coin as the chances of holding $0.08 seem low.
Dogecoin price analysis for May 24, 2022, ends on a bearish note for the meme coin as the chances of holding $0.08 seem low.

Dogecoin price analysis for May 24, 2022, comes on a bearish note for the meme coin with increased chances of retesting the lower regions of the $0.08 price zone. Furthermore, the nearest resistance for the token lies beyond the $0.09 price region which has been a major cause for concern for the bulls. The meme coin has failed to breach this region and make a move towards $0.1 on multiple occasions. As noted in our DOGE price analysis for May 24, 2022, there is major support at $0.08 which currently holds despite the surge in selling pressure.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 13.74% in the last 24 hours, followed by a 4.61% decrease in the market cap. Moreover, the Market Dominance of the coin dropped to 0.88%, while the Volume / Market Cap Ratio has a value of 0.04378.

The daily candle for Dogecoin opened at a price of $0.0833 and reached a daily high of $0.0844. Furthermore, the daily low for the coin stands at a price of $0.0825, and the price of 1 DOGE at the time of writing is $0.0831.

Dogecoin price analysis on the daily chart for May 24

Dogecoin price analysis on the daily chart for May 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 34 which means that the bears are slowly aiming to take over as the gradient of the line indicates sluggishness.

The MACD indicator shows that the MACD has broken above the signal line, while the MACD histogram has turned green.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands but the chances of retesting the middle zone seem high.

Conclusion

Dogecoin price analysis for May 24, 2022, ends on a bearish note for the meme coin as the chances of holding $0.08 seem low.

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