- The Dogecoin price has registered a fairly strong recovery during the ongoing session.
- DOGE has been bearish all week and had reported a drop of over 4% on Monday.
The Dogecoin price started the week in the red after registering a fall of over 4% on Sunday. Monday saw DOGE slip below the 50-day SMA and settle at $0.170 before slipping below the 20-day SMA on Tuesday and settling at $0.164. DOGE continued to drop on Wednesday, dropping by almost 2% and falling to $0.161, before recovering during the ongoing session.
Dogecoin Price Chart Indicates Buyers Looking To Push DOGE Above $0.165
The Dogecoin price started the previous week in the red, dropping by almost 5% on Monday. However, DOGE made a strong recovery on Tuesday, rising by 7.48% and settling at $0.153, and then rising by almost 6%, moving to $0.163. DOGE surged past the 20-day SMA on Thursday, pushing to $0.171, and then going past the 50-bar SMA on Friday, rising almost 16% and settling at $0.198.
Image: DOGE/USD daily
The weekend saw DOGE drop by 7% on Friday, falling to $0.184 and then falling to $0.176 on Sunday, ending the weekend on a bearish note. The current week started with the bearish sentiment persisting, as DOGE dropped below the 50-day SMA on Monday, dropping to $0.170. Tuesday saw DOGE drop to $0.164, slipping below the 20-bar SMA, and then drop to $0.161 on Wednesday before recovering during the current session.
The MACD and Parabolic SAR are both bullish, indicating that we could see the price push higher.
IntoTheBlock’s IOMAP for the Dogecoin price shows us that DOGE faces strong resistance at around $0.16. At this price level, over 82,000 addresses have sold more than 15 billion SHIB.
The 4-hour Dogecoin price chart shows us that DOGE had risen to $0.190 on the 15th. However, the price fell back from this level, dropping to $0.180 on the 16th and then slipping below the 20-bar SMA, dropping to $0.175. The price continued to drop from this level, dropping below the 200-bar SMA and settling at $0.169. The 50-bar SMA came into play as support at this level, and the price could stay at this level for the next few sessions before dropping below the 50-bar SMA and settling at $0.165. The price continued to drop from this level, dropping to $0.160 and then moving to $0.164.
We can see that the MACD and Parabolic SAR are currently bearish, indicating that the price could drop further.
Image: DOGE/USD 4-hour
DOGE Price Is Expected To Reach These Levels
The Dogecoin price chart shows that DOGE has pushed up marginally during the ongoing session. If the current sentiment persists, we could see DOGE push past the 20-day SMA and move past $0.165.