Dogecoin Price Prediction: DOGE Recovers During Current Session, Could Push Past 20-Day SMA
Daily Dogecoin Technical Analysis
- The Dogecoin price posted a strong recovery during the current session, increasing by almost 4%.
- DOGE had turned bearish on Tuesday and dropped by almost 7% on Wednesday.
The Dogecoin price has made a strong recovery during the current session as buyers pushed the price up towards the 20-day SMA. DOGE had started the current week on a bullish note, as the price pushed up by 5.69% on Monday, before it dropped on Tuesday, falling by almost 3%, as it settled at $0.17. Wednesday saw a further drop, slipping below the 20-day SMA and settling at $0.25, before recovering during the current session and pushing up to $0.26.
Dogecoin Price Chart Indicates DOGE Could Push To $0.27
The Dogecoin price started the previous week on a bearish note, dropping by almost 3% on Monday. The price recovered on Tuesday but fell back into the red on Wednesday, falling by 2.13%. Thursday saw the bearish sentiment continue as it fell by 1.90%, settling at $0.26. DOGE slipped below the 20-day SMA on Friday before recovering on Saturday and pushing up marginally.
Image: DOGE/USD daily
The Dogecoin price continued to push up on Saturday, as it rose above the 20-day SMA, with buyers in control of the session. DOGE continued to push up on Monday, rising to $0.28 after rising by 5.69%. On Tuesday, the price fell into the red as DOGE fell to $0.27 and then to $0.25 on Wednesday, slipping below the 20-day SMA. The price recovered during the current session, with buyers pushing the price up towards the 20-day SMA. We can see that the Parabolic SAR is bullish, but the MACD is currently bearish. However, if DOGE can push up to the 20-day SMA, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.28. At this price level, more than 67,000 addresses have sold over 37 billion DOGE.
The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.25 on the 4th, slipping below the 20 and 50-bar SMAs.With the 20-bar SMA now acting as resistance, the price pushed up to $0.26 before dropping back to $0.25. At this price level, the 200-bar SMA was acting as support, and as a result, DOGE shot up to $0.28, pushing above the 20 and 50-bar SMAs. The price stayed at this level for the next few sessions before the price turned bearish and dropped to $0.25, slipping below the 20 and 50-bar SMAs once again. Currently, DOGE is at $0.26, with the MACD already bearish. If the price continued to drop further, we could see the Parabolic SAR flip to bearish as well.
Image: DOGE/USD 4-hour
DOGE Price Is Expected To Reach These Levels
Looking at the Dogecoin price chart, we see that DOGE has recovered during the current session, with the price currently up by almost 2%. If buyers remain in control of the session, we could see the price push up to the 20-day SMA. However, if sellers take over, the price could drop to $0.24, where the 50-bar SMA could support.