Dogecoin Price Analysis: DOGE Makes Marginal Recovery After Dropping To $0.21

Daily Dogecoin Price Forecast

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Last Updated November 23rd 2021
3 Min Read
  • The Dogecoin price dropped by almost 3% on Monday, as it started the week in the red. 
  • DOGE had been quite bearish over the past week and registered a drop of almost 7% on Thursday. 

The Dogecoin price posted a marginal recovery during the current session, as buyers pushed the price marginally. DOGE had dropped considerably over the weekend, despite registering a rise of 5.53% on Friday, moving up to $0.23. Saturday saw the price remain relatively static, but DOGE fell back on Sunday, ending the weekend down by over 3%. The current week started in the same vein, as sellers pushed the price down by almost 3% on Monday. 

Dogecoin Price Chart Indicates DOGE Could Push Above $0.23 

The Dogecoin price started the previous weekend on a positive note, pushing up by 0.64% on Saturday and by 0.45% on Sunday, with the price settling at $0.26. However, Monday saw DOGE register a significant fall, as the price dropped by 2.39%, falling to $0.25. On Tuesday, DOGE registered a bigger fall, falling by almost 8%, slipping below the 50-day SMA, and settling at $0.23. After a marginal recovery on Wednesday, DOGE fell back on Thursday, registering a drop of almost 7% and settling at $0.22

Image: DOGE/USD daily chart 112321

Image: DOGE/USD daily

After dropping by almost 7% on Thursday, the Dogecoin price made a strong recovery on Friday, moving up by 5.53%. DOGE managed to stay in the green on Saturday, registering a marginal increase, but fell back on Sunday, dropping by 3.34% and settling at $0.22. The current week started in the red as well, with the price dropping by almost 3% on Monday. The current session sees a marginal recovery, with the price currently up by over 1%.

We can see that the Parabolic SAR is currently bearish, indicating the price could drop. However, if the price continues to push up, 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 $0.23. At this price level, 69,000 addresses have sold more than 5.6 billion DOGE.

Image: DOGE/USD volume chart 112321

Image: IntoTheBlock

Looking at the 4-hour Dogecoin price chart, we can see that DOGE slipped below the 20 and 200-bar SMAs on the 16th when the price dropped to $0.23. After posting a marginal recovery from this level, the price fell even further, dropping to $0.21. DOGE rose from this level, pushing above the 20-bar SMA and settling at $0.23. With the 20-bar SMA now acting as support, the price could stay at this level for the next few sessions, eventually slipping below it on the 22nd, when it fell to $0.22. Currently, DOGE is still at $0.22, and if the price continues to drop, we could see the MACD flip from bullish to bearish.

Image: DOGE/USD 4-hour chart 112321

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 up by over 1%. However, with the price facing strong resistance at $0.ew, it remains to be seen if DOGE can get past this level.