Dogecoin price analysis for May 26, 2022, comes on a bearish note for the meme coin with increased chances of another crash and low chances of reclaiming the lost support level at $0.08. In the last 24 hours, we have seen DOGE lose its major support at the $0.08 price level which has been holding for a long time. Additionally, as noted in our DOGE price analysis for May 26, 2022, the meme coin has a major resistance level beyond the $0.09 price level. If DOGE is unable to reclaim $0.08 and make a move towards $0.1 soon, we might see another bearish drop.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 9.69% in the last 24 hours, followed by a 6.42% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.85%, while the Volume / Market Cap Ratio has a value of 0.05043.
The daily candle for Dogecoin opened at a price of $0.0829 and reached a daily high of $0.0837. Furthermore, the daily low for the coin stands at a price of $0.0750, and the price of 1 DOGE at the time of writing is $0.0760.
Dogecoin price analysis on the daily chart for May 26
Dogecoin price analysis on the daily chart for May 26, 2022, will consider the data presented by 3 major indicators on the daily chart below.
The RSI indicator reads a value below 31 which means that the sellers are once again in control of the price action.
The MACD indicator shows that the MACD line remains above the signal line but the two are now getting closer hinting at a bearish divergence.
The price action for Dogecoin is situated in the lower end of the Bollinger Bands and the chances of the retest of the middle zone of the Bands seem low.
Conclusion
Dogecoin price analysis for May 26, 2022, ends on a bearish note for the meme coin with low chances of reclaiming $0.08.