Dogecoin volume takes a dip as DOGE fails to reclaim $0.07

Dogecoin price analysis for August 2, 2022, comes on a bearish note for the world’s biggest meme coin as we can confirm that the prices have dropped by 0.17% and it seems that we can expect DOGE to retest lower regions of the $0.06 price level. Moreover, it will be interesting to see if DOGE is capable of retaining the nearest support situated at the $0.060 price level. Additionally, this price support has been holding for a very time and investors can expect it to hold in the near future if the buyers take charge from here.

As noted in our DOGE price analysis for August 1, 2022, there is a strong chance for the Dogecoin remains sluggish as the interest in the meme frenzy has declined. The token has failed to retain price action above $0.07 resistance for a long time.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 15.46% in the last 24 hours, followed by a 0.43% surge in the market cap. Moreover, the Market Dominance of the coin rests at 0.84%, while the Volume / Market Cap Ratio has a value of 0.04818.

The daily candle for Dogecoin opened at a price of $0.06845 and reached a daily high of $0.06913. Furthermore, the daily low for the coin stands at a price of $0.06834, and the price of 1 DOGE at the time of writing is $0.06868.

Dogecoin price analysis on the daily chart for August 2

Dogecoin price analysis on the daily chart for August 2, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 53 which means that the bears are about to take over the price action of Dogecoin.

The MACD line is nearly overlapping over the signal line and a bearish divergence seems very likely.

The price action for Dogecoin is retesting the middle zone of the Bollinger Bands and a drop to the bearish region is very much possible.

Conclusion

Dogecoin price analysis for August 2, 2022, ends on a bearish note for the meme coin as we can expect DOGE to retest lower levels.