Dogecoin retains position in the top 10 despite a 4% drop

Dogecoin price analysis for May 19, 2022, ends on a bearish note for the meme coin with high chances of losing $0.08.
Dogecoin price analysis for May 19, 2022, ends on a bearish note for the meme coin with high chances of losing $0.08.

Dogecoin price analysis for May 19, 2022, comes on a bearish note for the meme coin with a 4% drop in price in the last 24 hours and it seems that the bearish trend will continue if the token doesn’t reclaim the $0.1 price region and makes a move towards higher prices. Furthermore, as noted in our DOGE price analysis for May 18, 2022, the nearest support region for the token lies at the 0.08 price region which currently holds strong. There are high chances of DOGE breaking below the $0.08 price region as selling volume has jumped substantially.

The data from CoinMarketCap shows that the trading volume for Dogecoin has jumped by 21.33% in the last 24 hours, followed by a 4.50% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.90%, while the Volume / Market Cap Ratio has a value of 0.05625.

The daily candle for Dogecoin opened at a price of $0.0834 and reached a daily high of $0.0855. Furthermore, the daily low for the coin stands at a price of $0.0814, and the price of 1 DOGE at the time of writing is $0.0841.

Dogecoin price analysis on the daily chart for May 19

Dogecoin price analysis on the daily chart for May 19, 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 33 which means that the price action for DOGE is bearish while the gradient of the line suggests that lower prices are definitely possible.

The MACD indicator shows that the MACD line remains below the signal line while the two lines are getting closer hinting at a bullish divergence.

The price action for Dogecoin is situated in the lower end of the Bollinger Bands which means that sellers are dominating.

Conclusion

Dogecoin price analysis for May 19, 2022, ends on a bearish note for the meme coin with high chances of losing $0.08.

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