Dogecoin turns sluggish as indicators hint at another price drop

Dogecoin price analysis for August 22, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that the token dropped by significant numbers in the last few days while in the last 24 hours, we can confirm that DOGE dropped by 0.87%. It is also important to know that DOGE investors are not very happy as the meme token has embarked on a bearish journey following its 2021 rally. The nearest resistance for the meme token which has prevented its uptrend for a very long time is $0.10 which needs to be broken as soon as possible.

Also, as noted in our DOGE price analysis for August 21, 2022, the Dogecoin token has a strong support at the $0.060 price level which has been retaining for a considerable amount of time. If the situation remains the same, higher prices can be seen.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 20.20% in the last 24 hours, followed by a 0.82% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.90%, while the Volume / Market Cap Ratio has a value of 0.04576.

The daily candle for Dogecoin opened at a price of $0.06933 and reached a daily high of $0.06942. Furthermore, the daily low for the coin stands at a price of $0.06859 and the price of 1 DOGE at the time of writing is $0.06913.

Dogecoin price analysis on the daily chart for August 22

Dogecoin price analysis on the daily chart for August 22, 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 which means that Dogecoin selling pressure is currently quite high.

The MACD line has dropped below the signal line as the histogram also remains bearish for the meme coin.

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

Conclusion

Dogecoin price analysis for August 22, 2022, ends on a bearish note for DOGE with considerable chances of dropping to $0.065.