Dogecoin price analysis for July 10, 2022, comes on a bearish note for the meme coin that is currently ranked as the 10th biggest cryptocurrency in the market. It is important to note that the token has been holding above the $0.06 price region, as also covered in our DOGE price analysis for July 9, 2022. This support level is a key region for the DOGE price action and a hope for investors as well. However, a minor resistance beyond $0.07 prevents DOGE from reaching $0.10.
The $0.10 price region is a key resistance zone that needs to be turned into support in order to confirm the initiation of a trend reversal for the meme coin. However, to breach this price level, the buyers need to put in more money as the market is currently devoid of capital.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 38.38% in the last 24 hours, followed by a 1.53% drop in the market cap. Moreover, the Market Dominance of the coin rests at 0.96%, while the Volume / Market Cap Ratio has a value of 0.02788.
The daily candle for Dogecoin opened at a price of $0.06947 and reached a daily high of $0.06950. Furthermore, the daily low for the coin stands at a price of $0.06788, and the price of 1 DOGE at the time of writing is $0.06801.
Dogecoin price analysis on the daily chart for July 10, 2022, will consider the data presented by 3 major indicators on the daily chart below.
Source: TradingView
The RSI indicator reads a value below 49 which confirms that the bears have gained dominance.
The MACD line is very close to the signal line and a bearish divergence is possible.
The price action for Dogecoin is retesting the middle of the Bollinger Bands indicating that lower prices might follow.
Dogecoin price analysis for July 10, 2022, ends on a bearish note for the meme coin with high chances of retesting lower levels.
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