Dogecoin retains prices $0.05 as volume drops
Dogecoin price analysis for June 18, 2022, comes on a bearish note for the meme coin as there are increased chances of the token retaining the $0.05 price level for now. Additionally, we can also expect the meme coin to try and break through the $0.06 price level if the $0.05 price level retains. As noted in our DOGE price analysis for June 17, 2022, the meme coin holds strong support at $0.05 and tried to breach the $0.06 price region but failed to do so due to bears being in control overall. It will be interesting to see if DOGE bulls can take over.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 24.86% in the last 24 hours, followed by a 2.55% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.84%, while the Volume / Market Cap Ratio has a value of 0.08554.
The daily candle for Dogecoin opened at a price of $0.05523 and reached a daily high of $0.05814. Furthermore, the daily low for the coin stands at a price of $0.05463, and the price of 1 DOGE at the time of writing is $0.05750.
Dogecoin price analysis on the daily chart for June 18
Dogecoin price analysis on the daily chart for June 18, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 32 which confirms that the Dogecoin bears are overall in control of the price action and investors can expect another price drop as well
The MACD indicator shows that the MACD line remains below the signal line but the two are getting closer now which means that bearish divergence might follow.
The price action for Dogecoin is situated in the bearish region of the Bollinger Bands and if sellers take charge, we can expect a bearish outbreak of prices.
Conclusion
Dogecoin price analysis for June 18, 2022, ends on a bearish note for the meme coin with considerable chances of retaining $0.05.
