Dogecoin trading volume takes a dip as 6 cent nears

Dogecoin price analysis for August 3, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that the prices have dropped by nearly 4% in the last 24 hours and additional price drops might also been seen. If that is the case, we can expect DOGE to break below the $0.06 price level and lose its 10th position in the crypto space as well. Currently, the market cap of DOGE is higher that of Polkadot, Avalanche and others. But as the market remains bearish, investors are inclined to invest in the products with value.

As noted in our DOGE price analysis for August 2, 2022, the token has a resistance beyond the $0.07 price region which it broke through on a number of occassions but failed to retain price action above it.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 21.13% in the last 24 hours, followed by a 4.08% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.83%, while the Volume / Market Cap Ratio has a value of 0.03972.

The daily candle for Dogecoin opened at a price of $0.06652 and reached a daily high of $0.06683. Furthermore, the daily low for the coin stands at a price of $0.06511, and the price of 1 DOGE at the time of writing is $0.06534.

Dogecoin price analysis on the daily chart for August 3

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

Source: TradingView

The RSI indicator reads a value below 47 confirming that Dogecoin might drop further in the coming days as well.

The MACD line is nearly overlapping over the signal line which means volume is very low and a bearish divergence is likely.

The price action for Dogecoin is below the middle zone of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 3, 2022, ends on a bearish note for the meme coin as with high chances of retesting 6 cents.