Dogecoin retains $0.12 as support despite market remaing bearish

Dogecoin price analysis for May 8, 2022, comes on a bearish note for the meme coin as chances of losing the $0.12 price region seem quite high in the near future. Furthermore, we can also expect the coin to make a move towards the $0.13 price region but it seems that for now, sluggish movement will continue. As noted in our DOGE price analysis for May 7, 2022, the DOGE coin has major resistance at the $0.17 price region while for now, the $0.12 price region is holding as strong support. However, the downtrend still continues for the meme coin.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 5.67% in the last 24 hours, followed by a 1.60% drop in the market cap. Moreover, the Market Dominance of the coin rose to 1.05%, while the Volume / Market Cap Ratio has a value of 0.0489.

The daily candle for Dogecoin opened at a price of $0.1274 and reached a daily high of $0.1283. Furthermore, the daily low for the coin stands at a price of $0.1242, and the price of 1 DOGE at the time of writing is $0.1250.

Dogecoin price analysis on the daily chart for May 8

Dogecoin price analysis on the daily chart for May 8, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 43 which means that the bulls are giving it their all to defend their territory against the bears. The gradient of the line suggests sluggish movement.

The MACD indicator shows that the MACD line remains below the signal line as the MACD histogram also remains bearish.

The price action for Dogecoin remains in the bearish region of the Bollinger Bands as the sluggish movement for the token continues.

Conclusion

Dogecoin price analysis for May 8, 2022, ends on a bearish note for the token with considerable chances of losing $0.12 as support.