- The Dogecoin price started the week in the red, dropping by over 7% on Monday.
- The current session sees buyers and sellers struggling for control, with the price down marginally.
The Dogecoin price continued to drop as buyers and sellers struggled to gain control of the ongoing session, with DOGE currently down to $0.15. DOGE had started the weekend on a reasonably positive note, with the price pushing up by over 3% and settling at $0.16. Sunday saw DOGE register a marginal increase of 0.30% before it fell back drastically on Monday, falling by over 7% and settling at $0.15.
Dogecoin Price Chart Indicates Buyers And Sellers Struggling For Control
The Dogecoin price started the previous week on a positive note, as it registered an increase of 3.67% on Monday. The price fell back on Tuesday, registering a marginal drop of 0.67% before an increase of 1.19% on Wednesday saw DOGE push up to $0.17. However, the price fell back on Thursday, with DOGE registering a drop of 5.54% and settling at $0.16. The price continued to drop on Friday, as DOGE fell by almost 3% before recovering over the weekend.
Image: DOGE/USD daily
After dropping by almost 3% on Friday, the Dogecoin price pushed up over the weekend, rising by over 3% on Saturday and then registering a marginal increase of 0.30% on Sunday, ending the weekend on a positive note. However, the price fell back on Monday, as DOGE registered a drop of over 7%, dropping to $0.15. The current session sees DOGE still at $0.15, with buyers and sellers struggling for control of the session.
We can see that the Parabolic SAR is currently 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 $0.17. At this price level, over 19,000 addresses have sold more than 6.9 billion DOGE.
Looking at the 4-hour Dogecoin price chart, we can see that DOGE had pushed above the 20-bar SMA on the 7th, rising to $0.17. The price continued to push higher from this level, rising to $0.18. DOGE was able to maintain this current level, thanks to the 20-bar SMA acting as support, but slipped below the 20-bar SMA on the 9th when the price dropped to $0.17. DOGE continued to drop from this level, falling to $0.16 on the 11th. Although DOGE pushed up marginally from this level, it could not move past the 20-bar SMA and dropped further to its current level of $0.15.
We can see that the MACD is currently bearish, indicating that we could see the price drop further. However, if the price recovers from this level, then it could flip to bullish.
Image: DOGE/USD 4-hour
DOGE Price Is Expected To Reach These Levels
Looking at the Dogecoin price chart, we can see that DOGE had registered a sharp drop on Monday. If buyers retain control of the current session, we could see the price push to $0.16. However, if sellers control the session, the price could drop below $0.15.