Dogecoin once again loses the major support at $0.08

Dogecoin price analysis for June 10, 2022, comes on a bearish note for the meme coin with low chances of reclaiming the $0.08 price region in the coming days. It is important to note that DOGE had a very major support level of around the $0.08 price region and the price action had been holding above this region for a long time. As noted in our DOGE price analysis for June 9, 2022, the meme coin is stuck in a downtrend for the short term and we can expect another drop in the near future.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 47.90% in the last 24 hours, followed by a 3.55% 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 0.0386.

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The daily candle for Dogecoin opened at a price of $0.07937 and reached a daily high of $0.07974. Furthermore, the daily low for the coin stands at a price of $0.07558, and the price of 1 DOGE at the time of writing is $0.07695.

Dogecoin price analysis on the daily chart for June 10

Dogecoin price analysis on the daily chart for June 10, 2022, will consider the data presented by 3 major indicators on the daily chart below.

The RSI indicator reads a value below 36 which means that the selling pressure has increased and the gradient of the line suggests that lower prices are definitely possible.

The MACD indicator shows that the MACD line is very close to the signal line as there is an increased possibility of a bearish divergence.

The price action for Dogecoin aims to break out of the lower end of the Bollinger Bands as bears remain in control.