Dogecoin price analysis for June 11, 2022, comes on a bearish note for the meme coin with increased chances of retesting the lower $0.07 price regions. Furthermore, as noted in our DOGE price analysis for June 10, 2022, the meme coin had a major support region towards the $0.08 price region which the token failed to hold. After losing the $0.08 price region, the next support for the token stands around the $0.07 price level but the chances of holding here also seem low as bearish volume dominate. Additionally, investors are advised to be ready for another price drop.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 33.30% in the last 24 hours, followed by a 3.93% drop in the market cap. Moreover, the Market Dominance of the coin dropped to 0.84%, while the Volume / Market Cap Ratio has a value of 0.03969.
The daily candle for Dogecoin opened at a price of $0.07538 and reached a daily high of $0.07627. Furthermore, the daily low for the coin stands at a price of $0.07520, and the price of 1 DOGE at the time of writing is $0.07626.
Dogecoin price analysis on the daily chart for June 11
Dogecoin price analysis on the daily chart for June 11, 2022, will consider the data presented by 3 major indicators on the daily chart below.
The RSI indicator reads a value below 36 confirming that the bears are overall in control of the price action and lower prices can be expected from the DOGE token.
The MACD indicator shows that the MACD line is very close to the signal line and bearish divergence can be expected in the short term.
The price action for Dogecoin aims to break out from the lower end of the Bollinger Bands if the selling volume remains high.
Conclusion
Dogecoin price analysis for June 11, 2022, ends on a bearish note for the DOGE token as the chances of losing $0.07 seem considerable.