Dogecoin Price Analysis: DOGE Slumps As It Fails To Push Past 200-Day SMA.

Daily Dogecoin Technical Analysis

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Last Updated November 10th 2021
2 Min Read
  • The Dogecoin price fell back in the red during the current session, as the price dropped by almost 3%. 
  • DOGE had made a strong recovery over the weekend, with the price surging by almost 6% on Monday. 

The Dogecoin price has taken a sharp drop during the current session, as sellers pushed the price down to $0.27. DOGE was quite bullish over the weekend, as the price picked up on Saturday, registering an increase of 0.63%. DOGE pushed above the 20-day SMA on Sunday, rising by 1.67%, before surging by 5.69% on Monday and settling at $0.28. However, DOGE was unable to push past the 200-day SMA, and the price fell back during the current session. 

Dogecoin Price Chart Indicates DOGE Could Drop To 20-Day SMA. 

The Dogecoin price started the previous weekend on a very bearish note, dropping by over 7% on Saturday before rising by over 4% on Sunday to end the weekend at $0.27. However, the price fell back on Monday, dropping by almost 3%, before posting a marginal recovery on Tuesday. DOGE turned bearish once again on Wednesday, dropping by 2.13% and then registering a further drop of 1.90% on Thursday to settle at $0.26.

Image: DOGE/USD daily chart 111021

Image: DOGE/USD daily

The Dogecoin price continued to drop on Friday, as it slipped below the 20-day SMA, before posting a marginal recovery of 0.63% on Saturday. The price continued to push up on Sunday, rising by 1.67% and pushing above the 20-day SMA. The bullish sentiment persisted on Monday as the price surged by almost 6%, pushing up to $0.28, where the 200-day SMA was acting as resistance. As a result, DOGE fell into the red during the current session, dropping to $0.27. We can see that the Parabolic SAR is bullish, but the MACD has flipped to 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 $0.28. At this price level, more than 64,000 addresses have sold over 38 billion DOGE.

Image: DOGE/USD volume chart 111021

Image: IntoTheBlock 

The 4-hour Dogecoin price chart shows us that DOGE had slipped below the 20-bar and 50-bar SMAs, with the price dropping to $0.26. The price fell further to $0.25 before a marginal recovery pushed the price back to $0.26. With the 20-bar SMA acting as resistance, DOGE was unable to move above the level and was pushed down further to $0.25, where the 200-bar SMA was acting as support. As a result, the price recovered, moving above the 20-bar SMA and then the 50-bar SMA to settle at $0.28 before dropping to its current level of $0.27. We can see that the Parabolic SAR has flipped to bearish, and if the price continues to drop, then the MACD could also flip to bearish.

Image: DOGE/USD 4-hour chart 111021

Image: DOGE/USD 4-hour

DOGE Price Is Expected To Reach These Levels

The Dogecoin price chart shows us that DOGE has fallen during the current session with sellers in control. If the current trend continues, we could see DOGE drop to $0.26.