Dogecoin unable to maintain $0.14 as support: What to expect?

Dogecoin price analysis for April 19, 2022, comes on a bearish note for the token with high chances of losing the $0.14 price region. On the other hand, we can also see that the token has been holding a strong support at the $0.13 price region. The meme coin did break $0.14 momentarily but it seems that the demand for the token is not as high as it should be. Furthermore, as noted in our DOGE price analysis for April 18, 2022, the meme coin tried to break into an uptrend but this growth was short-lived as bears prevailed.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 35.81% in the last 24 hours, followed by a 0.19% drop in the market cap. Moreover, the Market Dominance of the token has dropped to 0.98%, while the Volume / Market Cap Ratio has a value of 0.04859.

The daily candle for Dogecoin opened at a price of $0.1401 and reached a daily high of $0.1415. Furthermore, the daily low for the token stands at a price of $0.1392, and the price of 1 DOGE at the time of writing is $0.1397.

Dogecoin price analysis on the daily chart for April 19

Dogecoin price analysis on the daily chart for April 19 will take into account the data from the daily chart below which consists of 3 major indicators in the technical analysis space.

Source: TradingView

The MACD indicator shows that the MACD line is below the signal line but the two lines are quite close to each other hinting that sluggish price action will follow. 

The RSI indicator reads a value below 50 for Dogecoin which means that the bears and the bulls are evenly matched for now. 

The price action has dropped to the lower end of the Bollinger Bands and the volume is way too low to break into an uptrend. 

Conclusion

Dogecoin price analysis for April 19, 2022 ends on a sluggish note for the token which has found resistance at $0.14.