- The Dogecoin price registered a drop of almost 4% on Wednesday, as sellers assumed control of the session.
- The current session sees buyers and sellers struggling for control.
The Dogecoin price has remained quite bearish over the week and had dropped to $0.22 on Sunday. DOGE remained in the red on Monday, as the price dropped by almost 3%, before pushing up on Tuesday and rising by over 3%. However, Wednesday saw the price fall back, slipping by 3.96% and dropping to $0.21. The current session sees buyers and sellers struggling for control, with the price currently in the red.
Dogecoin Price Chart Indicates DOGE Fairly Static At $0.21
The Dogecoin price started the previous week in the red, as the price dropped by 2.39% on Monday. Tuesday saw a significant drop of almost 8% as DOGE slipped below the 50-day SMA and settled at $0.23. On Wednesday, the price managed a marginal recovery but fell back into the red on Thursday, dropping by almost 7% and settling at $0.22. Friday saw the price recover, as DOGE moved up to $0.23 after rising by almost 6%.
Image: DOGE/USD daily
After recovering on Friday, the Dogecoin price could only manage a marginal increase on Saturday before falling back on Sunday and registering a drop of 3.34%. The current week started in the same vein, with DOGE dropping to $0.21 on Monday before pushing up by just over 3% on Tuesday. Wednesday saw DOGE fall back in the red again, as sellers dropped the price by almost 4%. The current session sees buyers and sellers struggling for control, with the price at $0.21
We can see that the Parabolic SAR is currently bearish, indicating a price drop. However, if the price pushes 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, over 67,000 addresses have sold 5.9 billion DOGE.
Looking at the 4-hour Dogecoin price chart, we can see that DOGE had dropped to $0.21 on the 19th. However, the price made a strong recovery from this level, pushing above the 20-bar SMA and settling at $0.23. With the 20-bar SMA now acting as support, DOGE could stay at this level until the 21st, when the price slipped below the 20-bar SMA and dropped to $0.21. The price registered another marginal drop before pushing back above the 20-bar SMA and moving to $0.22. However, with the 50-bar SMA acting as resistance, the price slipped back below the 20-bar SMA and dropped to $0.21.
We can see that the MACD is currently bearish, indicating that the price could drop further. However, if the price recovers, we could see it flip to bullish.
Image: DOGE/USD 4-hour
This Is Why Robinhood Sending $DOGE To External Wallets Is So Important
Billy Markus, the co-founder of the popular meme-inspired cryptocurrency Dogecoin, recently said that commission-free trading platform Robinhood sending DOGE to external wallets is “huge” and pointed to the crypto’s low transaction fee.
Robinhood’s Chief operating Officer Christine Brown revealed on Twitter that Robinhood is still working on transferring funds from Robinhood’s wallets into external wallets and shared a screenshot of how the process works with a DOGE transaction.
In it, Brown sent 420.71 DOGE worth over $90 to an external address. In the transaction, Robinhood noted that the funds would arrive depending on the number of confirmations required b the wallet receiving the funds.
"#WalletsAlpha update! Last week we sent our first alpha transfer from a Robinhood wallet to an external wallet. Here is a screenshot of our test #DOGE transfer."
Robinhood allows cryptocurrency investors on the platform to move funds to external wallets. In turn, this helps them participate in the cryptocurrency space and interact with decentralized finance (Defi) applications if they wish to.
The company has said it has 1.6 million people on the waitlist to try out its cryptocurrency wallets. Robinhood currently lets users trade BTC, BCH, BSV, DOGE, ETH, ETC, and LTC and has plans to support additional -assets.
DOGE Price Is Expected To Reach These Levels
The Dogecoin price chart shows us that buyers and sellers are struggling to control the current session. If buyers gain control, we could see the price rise to $0.21. However, if sellers gain control, then the price could drop below $0.21.