Dogecoin shows signs of back-and-forth movement: Expect a bearish soon?
Dogecoin price analysis for May 25, 2022, comes on a sluggish note for the token as we have seen a price rise of nearly 1% in the last 24 hours for the meme coin. It can be expected that DOGE will retain the important support found at the price level of $0.08. If the bears take over and this region is lost, we can expect the meme coin to lose its position in the top cryptocurrencies by market cap. As noted in our DOGE price analysis for May 24, 2022, there is a low chance of DOGE breaking the important resistance at the $0.10 price region.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 5.40% in the last 24 hours, followed by a 0.21% increase in the market cap. Moreover, the Market Dominance of the coin dropped to 0.87%, while the Volume / Market Cap Ratio has a value of 0.04248.
The daily candle for Dogecoin opened at a price of $0.08837 and reached a daily high of $0.0845. Furthermore, the daily low for the coin stands at a price of $0.0821, and the price of 1 DOGE at the time of writing is $0.0833.
Dogecoin price analysis on the daily chart for May 25
Dogecoin price analysis on the daily chart for May 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 35 which means that the selling pressure is dominating while the gradient of the line suggests a lack of volume.
The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram remains bullish.
The price action for Dogecoin is situated in the lower end of the Bollinger Bands but a surge in buying volume might lead to a retest of the middle zone of the Bands.
Conclusion
Dogecoin price analysis for May 25, 2022, ends on a sluggish note for the meme coin as the chances of holding $0.08 seem considerable.
