Dogecoin sell-off continues as bears find support at $0.07
Dogecoin price analysis for May 27, 2022, comes on a bearish note for the token with increased chances of losing the $0.07 price region if the bears remain in control of the price action. Furthermore, in the last 24 hours, we have seen the meme coin drop 4.5% in price in the last 24 hours. As noted in our Dogecoin price analysis for May 26, 2022, the meme coin has a major resistance beyond the $0.09 price region which seems like a distant dream for now. The nearest support for the token stands at $0.08 which it failed to hold.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 98.73% in the last 24 hours, followed by a 5.25% drop in the market cap. Moreover, the Market Dominance of the coin rose to 0.86%, while the Volume / Market Cap Ratio has a value of 0.07846.
The daily candle for Dogecoin opened at a price of $0.0779 and reached a daily high of $0.0789. Furthermore, the daily low for the coin stands at a price of $0.0765, and the price of 1 DOGE at the time of writing is $0.0767.
Dogecoin price analysis on the daily chart for May 27
Dogecoin price analysis on the daily chart for May 27, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 31 which means that the bears are dominating the price action for DOGE.
The MACD indicator shows that the MACD line is touching the signal line and the chances of a bearish divergence seem quite high.
The price action for Dogecoin is situated in the lower end of the Bollinger Bands and we can expect DOGE to breakout from the lower end of the Bands.
Conclusion
Dogecoin price analysis for May 27, 2022, ends on a bearish note for the meme coin with low chances of retaining $0.07.
