Dogecoin struggling to retain this price level: What do the indicators say?

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for July 1, 2022, comes on a bearish note for the world’s biggest meme coin as it seems that the DOGE token is having a hard time holding above the $0.06 price level which stands to be a region of important support. It will be interesting to see if the bulls are able to hold prices here or if we will continue to witness a bearish trend in the market. The DOGE price analysis for June 30, 2022, noted that the meme coin lost the $0.07 price level that it reclaimed a few days earlier. It seems that $0.06 is one of the last lines of defense against the attack of sellers.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 12.99% in the last 24 hours, followed by a 1.00% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.99%, while the Volume / Market Cap Ratio has a value of 0.06424.

The daily candle for Dogecoin opened at a price of $0.06642 and reached a daily high of $0.06846. Furthermore, the daily low for the coin stands at a price of $0.06386, and the price of 1 DOGE at the time of writing is $0.06497.

Dogecoin price analysis on the daily chart for July 1

Dogecoin price analysis on the daily chart for July 1, 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 46 confirming that the bulls haven’t given up yet and the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line is coming very close to the signal line and the bullish intensity of the histogram is decreasing.

The price action for Dogecoin is retesting the middle of the Bollinger Bands which means sellers are still in control.

Conclusion

Dogecoin price analysis for July 1, 2022, ends on a bearish note for the meme coin with high chances of losing $0.06.

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