Dogecoin retains price above vital resistance: What to expect?

Dogecoin price analysis for August 12, 2022, comes on an optimistic note for the world’s biggest meme coin as it is clear that the meme coin has successfully retained prices above an important resistance level which was reclaimed over the last 48 hours. The DOGE remains above the $0.07 price level and if this remains the case, we can expect DOGE to make a move towards the $0.10 price level in the coming days as well. Interestingly, the nearest resistance for the token stands at the $0.10 and if broken, will lead to the formation of an uptrend.

As noted in DOGE price analysis for August 11, 2022, Dogecoin has a strong price support at the $0.060 price level which has been holding for a very long time. Investors can expect DOGE to make higher highs in the coming days as well.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 5.78% in the last 24 hours, followed by a 0.57% drop in the market cap. Moreover, the Market Dominance of the coin rose to 0.83%, while the Volume / Market Cap Ratio has a value of 0.05239.

The daily candle for Dogecoin opened at a price of $0.07085 and reached a daily high of $0.07149. Furthermore, the daily low for the coin stands at a price of $0.06987, and the price of 1 DOGE at the time of writing is $0.07136.

Dogecoin price analysis on the daily chart for August 12

Dogecoin price analysis on the daily chart for August 12, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 58 which means that Dogecoin bulls are overall in control of DOGE price action.

The MACD line and signal line are almost overlapping but the histogram remains green.

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

Conclusion

Dogecoin price analysis for August 12, 2022, ends on a slightly bullish note for DOGE as we can expect DOGE to retest $0.070