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

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.

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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.

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.