Dogecoin sideways movement continues as indicators turn bearish

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Dogecoin price analysis for May 31, 2022, comes on a slightly bearish note for the token as there are increased chances of retesting the $0.08 price region in the next 24 hours if the bulls are unable to push higher. Furthermore, as noted in our DOGE price analysis for May 30, 2022, DOGE is more than 88% low than its all-time high and the meme coin has major support at the $0.08 price region. The nearest resistance for the token stands beyond the $0.09 price region while we cannot expect an upside until $0.1 is reclaimed by the biggest meme coin in the crypto market.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 22.93% in the last 24 hours, followed by a 0.15% 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 0.05912.

The daily candle for Dogecoin opened at a price of $0.08800 and reached a daily high of $0.08850. Furthermore, the daily low for the coin stands at a price of $0.08316, and the price of 1 DOGE at the time of writing is $0.08324.

Dogecoin price analysis on the daily chart for May 31

Dogecoin price analysis on the daily chart for May 31, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Dogecoin price analysis

Source: TradingView

The RSI indicator reads a value below 40 which means that the bears are now taking control back from the bulls and the gradient of the line suggests that lower prices will follow.

The MACD indicator shows that the MACD line is moving away from the signal line while the MACD histogram is gradually lowering in intensity.

The price action for Dogecoin has broken above the middle zone of the Bollinger Bands and it is now retesting the same.

Conclusion

Dogecoin price analysis for May 31, 2022, ends on a bearish note for the meme coin with considerable chances of retesting $0.08.

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