Dogecoin testing support at $0.08: What to expect?

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Dogecoin price analysis for May 15, 2022, comes on a bearish note for the meme coin as we have seen a price drop of over 1.64% in the last 24 hours and it seems that the bearish trajectory of the token will continue in the near future. Furthermore, as noted in our DOGE price analysis for May 14, 2022, the bears are overall in control of the price action while major resistance is at $0.1 and the nearest support is at $0.08. It seems that the downtrend for the meme coin will continue in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 4.99% in the last 24 hours, followed by a 26.42% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.94%, while the Volume / Market Cap Ratio has a value of 0.2133.

The daily candle for Dogecoin opened at a price of $0.0895 and reached a daily high of $0.0906. Furthermore, the daily low for the coin stands at a price of $0.0864, and the price of 1 DOGE at the time of writing is $0.0872.

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Dogecoin price analysis on the daily chart for May 15

Dogecoin price analysis on the daily chart for May 15, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 32 which means that the bears are in control while we can also see that the meme coin is not being oversold.

The MACD indicator shows that the MACD line remains below the signal line although the two lines are getting closer which indicates sluggishness.

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The price action for Dogecoin is situated in the lower end of the Bollinger Bands as sellers remain in control of the price action.

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