Dogecoin trading volume takes a dip as the market tries to cover

Dogecoin price analysis
Source: TradingView

Dogecoin price analysis for August 24, 2022, comes on a sluggish note for the world’s biggest meme coin as we can confirm that the prices have jumped by a mere 0.03% in the last 24 hours which suggests that lower prices might be possible in the near future. This is something that we can experience in the coming days from the DOGE token. However, for now, it is clear that the DOGE bulls don’t have what it takes to breach the $0.07 price level which is the nearest resistance zone for the DOGE price action.

Additionally, as noted in our DOGE price analysis for August 23, 2022, the Dogecoin token has a strong resistance towards the $0.10 price region as well. The meme coin has a tried to break this strong resistance but failed to so on a number of occassions.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 24.96% in the last 24 hours, followed by a 0.51% surge in the market cap. Moreover, the Market Dominance of the coin dropped to 0.88%, while the Volume / Market Cap Ratio has a value of 0.03639.

The daily candle for Dogecoin opened at a price of $0.06884 and reached a daily high of $0.06920. Furthermore, the daily low for the coin stands at a price of $0.06703 and the price of 1 DOGE at the time of writing is $0.06778.

Dogecoin price analysis on the daily chart for August 24

Dogecoin price analysis on the daily chart for August 24, 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 as it is clear that bears are overall in control of the Dogecoin token.

The MACD line has dropped below the signal line and the histogram remains bearish.

The price action for Dogecoin is situated in the bearish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 24, 2022, ends on a bearish note for DOGE as we can expect DOGE to retest $0.07.

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