Dogecoin Price Analysis: DOGE Registers Marginal Drop As Week Starts On Bearish Note

Daily Dogecoin Technical Analysis

Last Updated November 15th 2021
3 Min Read
  • The Dogecoin price pushed up over the weekend, as buyers pushed the price to $0.26. 
  • DOGE was back in the red during the current session, with the price down marginally. 

The Dogecoin price started the week in the red as sellers looked to push the price down. Although the price is only marginally down, it could drop further if sellers establish control of the session. DOGE had registered a marginal increase over the weekend as the price pushed up by 0.64% on Saturday and then registered an increase of 0.45% on Sunday to end the previous week at $0.26. 

Dogecoin Price Chart Indicates Buyers And Sellers Vying For Control Of Current Session 

The Dogecoin price started the previous weekend on a positive note, as buyers pushed the price up marginally. Sunday saw the price push above the 20-day SMA and settle at $0.26. The bullish sentiment persisted on Monday, as DOGE rose by 5.69%, rising to $0.28. However, with the 200-day SMA coming into play as resistance, the price dropped on Tuesday, falling by almost 3%. LINK continued to drop on Wednesday, registering a fall of almost 7%, slipping below the 20-day SMA and settling at $0.25.

Image: DOGE/USD daily chart 111521

Image: DOGE/USD daily

After dropping to $0.25, the Dogecoin price rose by 1.85% on Thursday, with the price pushing up to $0.26. However, it was back in the red on Friday, registering a marginal drop of 0.29%. The weekend started on a positive note as DOGE pushed up by 0.64% on Saturday and then another 0.45% on Sunday to settle at $0.26. The current session sees buyers and sellers vying for control, with the Parabolic SAR and MACD both bearish indicating a drop in price. However, if the price recovers, we could see them flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.29. At this price level, over 45,000 addresses have sold more than 36 billion DOGE.

Image: DOGE/USD volume chart 111521

Image: IntoTheBlock 

The 4-hour Dogecoin price chart shows us that DOGE had risen drastically on the 8th when the price pushed up to $0.28. The price stayed at this level for the next few sessions before dropping to $0.27, where the 20-bar SMA acted as support. However, DOGE dropped further, slipping below the 20 and 50-bar SMAs and dropping to $0.25, where the 200-bar SMA was acting as support. With the 50-bar SMA now acting as support, DOGE pushed up to $0.26 but could not push beyond this level and dropped to $0.25 before rising to its current level of $0.26. We can see that the Parabolic SAR and MACD are bullish, indicating an increase during the current session.

Image: DOGE/USD 4-hour chart 111521

Image: DOGE/USD 4-hour

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that the current session sees buyers and sellers vying for control. If buyers retain the session, we could see DOGE push up to $0.29. However, if sellers take control, then the price could drop to $0.25.

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