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Here’s Why Dogecoin Couldn’t Retain Its 10 Position

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VOC, Voice of Crypto, Dogecoin

Dogecoin price analysis for August 4th comes on a sluggish note, as it is clear that the token has shown no promising growth in recent days and even months.

The DOGE token seems to have a good chance of testing lower support levels. It also appears this meme coin tried pushing prices above $0.07, which was one of its significant resistances, and it failed to retain prices above this level.

However, the current support level for Dogecoin is around $0.06, and if it can hold that level or higher, it will be in good shape.

VOC, Voice of Crypto, Dogecoin then we

CoinMarketCap data shows that the trading volume for Dogecoin has dropped by 16.11% in the last 24 hours, and its market capitalization has declined by 0.48%. The coin’s market dominance is low at 0.83%, and its volume/market cap ratio has been estimated to be about 0.03195.

The daily candle for Dogecoin opened at $0.06621 and reached a high of $0.06669. The price of 1 DOGE is slowly declining, with the daily low standing at $0.06608 and the current market price being $0.06667 per coin.

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Dogecoin Price Analysis

  • The Doge price is in a clear bear market, which can be seen with the RSI indicator reading below 49.
  • The MACD and signal lines are close, so there’s a high chance of an upcoming bearish divergence.
  • The price action for Doge is getting ready to retest the middle zone of Bollinger Bands.

 

 

 

 

 

 

 

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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