Dogecoin retests $0.065 as bears remain in control

Dogecoin price analysis for July 25, 2022, comes on a bearish note for the meme coin as we can confirm that the prices have dropped by more than 5.48% in the last 24 hours and investors can expect additional price drops in the near future as well. Furthermore, in the last few days, we have the biggest meme coin in the crypto space to lose the $0.70 price region which is a major region of resistance for the meme coin. Investors can expect the token to once again retest the nearest support level as $0.07 remains a major threat to prices.

As noted in our DOGE price analysis for July 24, 2022, there is a strong resistance for the token around the $0.060 price level which has been holding for a long time as well. Investors can expect higher prices if buyers take charge.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 3.33% in the last 24 hours, followed by a 5.34% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.86%, while the Volume / Market Cap Ratio has a value of 0.04838.

The daily candle for Dogecoin opened at a price of $0.06755 and reached a daily high of $0.06799. Furthermore, the daily low for the coin stands at a price of $0.06400, and the price of 1 DOGE at the time of writing is $0.06497.

Dogecoin price analysis on the daily chart for July 25

Dogecoin price analysis on the daily chart for July 25, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 46 which indicates that the bears have taken control of the price action of the meme coin.

The MACD line is very close to the signal line and a bearish divergence is very likely for Dogecoin.

The price action for Dogecoin has dropped below the middle region of the Bollinger Bands and investors might witness a bearish drop.

Conclusion

Dogecoin price analysis for July 25, 2022, ends on a bearish note for the meme coin with high chances of retesting $0.060.