Dogecoin Price Analysis: DOGE Continues To Drop After Marginal Recovery

Daily Dogecoin price Forecast

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Last Updated November 18th 2021
3 Min Read
  • The Dogecoin price fell back into the red during the current session, with the price currently down by over 1%. 
  • DOGE had registered a drop of over 7% on Tuesday before a marginal recovery on Wednesday. 

The Dogecoin price continued to drop during the current session, as sellers retook control after Wednesday’s marginal recovery. DOGE has been bearish since ending the weekend on a positive note and fell by over 2% on Monday. Tuesday saw a significant fall, as DOGE dropped below the 50-day SMA, slipping by almost 8% to settle at $0.23 before recovering on Wednesday. 

Dogecoin Price Chart Indicates DOGE Could Drop to $0.22 

The Dogecoin price started the previous week on a bullish note, as the price pushed up by 5.69%, moving up to $0.28. However, the price turned bearish after this point, as the price fell by almost 3% on Tuesday and by another 6.56% on Wednesday to slip below the 20-bar SMA and settle at $0.25. Thursday saw DOGE post a marginal recovery but was back in the red on Friday, registering a marginal drop of 0.29%.

Image: DOGE/USD daily chart 111821

Image: DOGE/USD daily

The Dogecoin price recovered over the weekend, rising by 0.64% on Saturday and another 0.45% on Sunday to end the weekend at $0.26. However, the price was back in the red on Monday, dropping by 2.39%. Tuesday saw DOGE fall significantly, as the price slipped below the 50-bar SMA, dropping by almost 8% to settle at $0.23. DOGE did recover on Wednesday, posting a marginal recovery, before dropping back into the red during the current session.

We can see that the MACD is currently quite bearish, indicating that the price could drop further.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.26. At this price level, over 63,000 addresses have sold 12 billion DOGE.

Image: DOGE/USD volume chart 111821

Image: IntoTheBlock 

The 4-hour Dogecoin price chart shows us that DOGE had dropped below the 20 and 50-bar SMAs on the 11th when the price dropped to $0.25. At this level, the 200-bar SMA acted as support and pushed the price up to $0.26, but with the 50-bar SMA now acting as resistance, the price fell to $0.25, going below the 200-bar SMA. The price recovered from this level, as it pushed up to $0.26, pushing back above the 20 and 200-bar SMAs. However, it still could not get past the 50-bar SMA and dropped significantly to $0.23.

We can see that the price is almost below the neutral zone, and if DOGE drops out of the neutral zone, we could see a marginal recovery.

Image: DOGE/USD 4-hour chart 111821

Image: DOGE/USD 4-hour

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we see that DOGE has fallen back in the red during the current session. If the current sentiment persists, we could see the price drop to its support level of $0.23.