- The Dogecoin price continued to drop during the ongoing session, as sellers look to push it below $0.18
- DOGE had jumped by over 21% on Tuesday on the back of the Tesla announcement.
The Dogecoin price continued to remain in the red, as bearish sentiment pushed the price down below the 20-day SMA. DOGE had started the week on a bearish note, dropping by over 7% on Monday. However, Tuesday saw a huge spike of over 21%, thanks to Tesla’s announcement, with the price rising to $0.19. However, Wednesday saw the price back in the red, dropping to $0.18.
Dogecoin Price Chart Indicates DOGE Could Drop Below $0.17
The Dogecoin price started the previous week on a fairly positive note, rising by almost 4% on Monday. However, the price fell back on Tuesday, dropping by 0.67%, before registering a marginal increase on Wednesday, rising by 1.19% and moving up to $0.17. However, the price fell back on Thursday, as DOGE dropped by over 5%, before dropping by another 2.84% on Friday saw DOGE drop to $0.16.
Image: DOGE/USD daily
After dropping to $0.16 on Friday, the Dogecoin price recovered over the weekend, rising almost 3% on Saturday and 0.35% on Sunday. However, despite the bullish weekend, the price fell back on Monday, dropping by over 7% and slipping to $0.15. The price surged by over 21% on Tuesday thanks to Tesla but fell back on Wednesday, dropping to $0.18 and then to $0.17 during the ongoing session.
We can see that the Parabolic SAR and MACD are bullish, but if the price continues to drop, we could see them flip back to bearish.
Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.18. At this price level, over 23,000 addresses have sold more than 6.9 billion DOGE.
The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.16 on the 11th. The price pushed up from this level, rising to $0.16, but could not get past the 20-bar SMA and fell back to $0.15 on the 13th. DOGE surged from this level, as it jumped over 32% on the 14th, moving above the 20 and 50-bar SMAs and settling at $0.21. However, the price fell back after reaching this level, dropping to $0.18 and then to its current level of $0.17.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip back to bearish.
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 fallen over the past couple of sessions. If the current sentiment persists, we could see DOGE drop below $0.17.