Dogecoin under attack from bears as prices might break below $0.13

Dogecoin price analysis for April 1 comes on a bearish note for the meme token which is in danger of losing the $0.13 price level. It is important to note that the token has been found heavy resistance above $0.14 and was unable to maintain prices above this price region to confirm higher prices in the near future. Furthermore, our DOGE price analysis for March 31, 2022, also noted that $0.15 needs to be converted into support to confirm an uptrend for the meme coin.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 37.41% in the last 24 hours, followed by a 7.28% decline in the market cap. Moreover, the Market Dominance of the token has dropped to 0.87%, while the Volume / Market Cap Ratio has a value of 0.06557.

The daily candle for Dogecoin opened at a price of $0.1381 and reached a daily high of $0.1395. Furthermore, the daily low for the token stands at a price of $0.1320 and the price of 1 DOGE at the time of writing is $0.1356.

Dogecoin price analysis on the daily chart for April 1

Dogecoin price analysis on the daily chart for April 1 will consider the data on the daily chart below and trace the chances of higher prices in the coming days.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are coming closer as the chances of Dogecoin losing $0.13 turn higher and a bearish divergence might be witnessed on the daily chart in such a case. 

The RSI indicator shows a value above 54.6 which means that soon, we can expect DOGE to make an attempt to breach the $0.13 price support as the bears are in control.

The price action for Dogecoin is coming down from the bullish region of the Bollinger Bands showing an increase in selling pressure. 

Conclusion

Dogecoin price analysis for April 1, 2022, ends on a bullish note for the token as chances of losing $0.13 seem quite high.