Dogecoin retains price above 6 cents: Indicators remain bearish

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for August 23, 2022, comes on a bearish note for the world’s biggest meme coin as it is clear that investors might witness another drop in prices in the coming days. Additionally, it is also important to note that the meme coin has been holding above the $0.060 price level which is the nearest resistance for the meme coin and investors can expect the DOGE token to drop further if the 7 cents price level is not broken and turned into a support region. If the situation remains the same, lower prices can be seen and investors should be ready for that.

As noted in our DOGE price analysis for August 22, 2022, the world’s biggest meme coin, Dogecoin, has continued to retain the 10th position in the crypto space despite a bearish market and decreasing support from investors.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 7.19% in the last 24 hours, followed by a 0.16% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.89%, while the Volume / Market Cap Ratio has a value of 0.04968.

The daily candle for Dogecoin opened at a price of $0.06841 and reached a daily high of $0.06888. Furthermore, the daily low for the coin stands at a price of $0.06819 and the price of 1 DOGE at the time of writing is $0.06854.

Dogecoin price analysis on the daily chart for August 23

Dogecoin price analysis on the daily chart for August 23, 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 47 which means that the buyers continue to attempts to reclaim dominance.

The MACD line has dropped below the signal line and the histogram remains bearish for the meme coin.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 23, 2022, ends on a bearish note for DOGE with considerable chances of retesting to 6.5 cents.

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