Dogecoin retains prices above 8 cents despite a 3% price drop

Dogecoin price analysis for August 18, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that the token has dropped by 3.56% in the last 24 hours although it can also be confirmed that in the last 7 days, DOGE has surged by 13.31%, breaking through the nearest resistance around the $0.07 price level. It is also important to note that the token has been holding above the $0.08 price zone for the past few days although, we can expect the DOGE token to break the $0.10 zone as well.

Also, as noted in our DOGE price analysis for August 16, 2022, there is a strong support for the meme coin at the $0.060 price level and it seems that the bulls are also trying to turn $0.07 into support as well.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 61.84% in the last 24 hours, followed by a 3.60% surge in the market cap. Moreover, the Market Dominance of the coin stands at 0.96%, while the Volume / Market Cap Ratio has a value of 0.06786.

The daily candle for Dogecoin opened at a price of $0.08021 and reached a daily high of $0.08229. Furthermore, the daily low for the coin stands at a price of $0.07954, and the price of 1 DOGE at the time of writing is $0.08108.

Dogecoin price analysis on the daily chart for August 18

Dogecoin price analysis on the daily chart for August 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 62 which means that Dogecoin token might fail to hold here.

The MACD line and signal line are now moving closer and a bearish divergence is possible.

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

Conclusion

Dogecoin price analysis for August 18, 2022, ends on a bearish note for DOGE with increased chances of retesting $0.080.