Dogecoin price analysis for August 21, 2022, comes on a bearish note for the world’s biggest meme coin in the crypto space which confirms that the DOGE token might attempt to retest the $0.070 region in the near future as it is very close to it. However, the chances of retaining price action above it remain very low. This is because the bearish moment in the crypto space is still dominating. Moreover, in the last 24 hours, the prices of the token has dropped by 1.05%, hinting that higher prices might not follow.
As noted in our DOGE price analysis for August 20, 2022, the DOGE token has a strong resistance towards $0.10 while there is a strong support towards the $0.060 price level which might continue to hold if bulls take advantage of lower prices.
The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 31.00% in the last 24 hours, followed by a 1.19% 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 0.05245.
The daily candle for Dogecoin opened at a price of $0.06934 and reached a daily high of $0.07010. Furthermore, the daily low for the coin stands at a price of $0.06739, and the price of 1 DOGE at the time of writing is $0.06941.
Dogecoin price analysis on the daily chart for August 21
Dogecoin price analysis on the daily chart for August 21, 2022, will consider the data presented by 3 major indicators on the daily chart below.
The RSI indicator reads a value below 48 which means that Dogecoin bears remain in control of Dogecoin.
The MACD line has dropped below the signal line as the histogram 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 21, 2022, ends on a bearish note for DOGE with considerable chances of retesting $0.070.
Original Source: https://thecoinrise.com/dogecoin-remains-below-0-07-as-investors-hodl-their-tokens/
Author : Parth Dubey
