- The Dogecoin price continued to drop today, marginally down during the ongoing session.
- DOGE had crashed over the weekend, having registered a drop of over 10% on Saturday.
The Dogecoin price started the week in the red as sellers continued to drive the price down after a highly bearish weekend. DOGE had dropped by almost 5% on Friday, slipping below $0.20. The bearish sentiment continued over the weekend, as the price dropped by over 10% on Saturday, with DOGE dropping to $0.17. DOGE fell further on Sunday, registering a drop of over 4%, ending the weekend on a bearish note.
Dogecoin Price Chart Indicates DOGE Could Drop Below $0.17
The Dogecoin price had registered a sharp fall of over 8% on Friday (26th) as it started the previous weekend on a bearish note. The price recovered over the weekend, rising by almost 2% on Saturday and then 1.02% on Sunday, ending the weekend at $0.20. The price pushed up on Monday as well, rising by nearly 4% and settling at $0.21. However, the price fell back after reaching this level, dropping marginally on Tuesday, before registering a drop of 2.56% on Wednesday. DOGE registered another marginal drop on Thursday as the price remained in the red.
Image: DOGE/USD daily
After Thursday’s marginal drop, the Dogecoin price registered a fall of 4.54% on Friday, as DOGE slipped below $0.20. Saturday saw the price continue to drop, as it fell by over 10% and settled at $0.17, with the bearish sentiment intensifying over the weekend. The drop continued on Sunday, as sellers pushed DOGE further down with a drop of just over 4%. The current session sees buyers and sellers struggling for control as sellers look to push DOGE below $0.17.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price 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 14,000 addresses have sold more than 14 billion DOGE.
The 4-hour Dogecoin price chart shows us that DOGE had pushed above the 20 and 50-bar SMAs on the 29th, rising to $0.22. With the 50-bar SMA acting as support, DOGE was able to stay at this level for the next few sessions before dropping below the 20 and 50-bar SMAs on the 2nd and settling at $0.20. DOGE could not push past $0.20, thanks to the 50-bar SMA now acting as resistance, and dropped to $0.16 on the 4th. DOGE pushed up to $0.18 from this level but dropped back to its current level of $0.17.
We can see that the MACD is currently bearish, indicating that the price could drop further.
Image: DOGE/USD 4-hour
DOGE Price Is Expected To Reach These Levels
Looking at the Dogecoin price chart, we can see that DOGE has been extremely bearish over the weekend, with the price slipping below $0.20. If the price fails to recover, we could see it drop below $0.17. However, if the price can recover, the price could push back towards $0.20.