Dogecoin Price Prediction: DOGE Falls By Over 7% On Tuesday, Continues To Drop During Current Session

Daily Dogecoin Technical Analysis

By
Last Updated November 17th 2021
3 Min Read
  • The Dogecoin price slipped below the 50-bar SMA on Tuesday, with the price dropping to $0.23. 
  • The current session sees DOGE still in the red, as sellers look to push DOGE to $0.22. 

The Dogecoin price continued to drop during the current session as sellers continued to dominate the session. DOGE has been quite bearish since the start of the week, despite having a somewhat positive weekend. The price fell by 2.39% on Monday, as DOGE dropped to $0.25. Tuesday saw a significant price drop, as it fell by almost 8%, slipping below the 50-day SMA and settling at $0.23.  

Dogecoin Price Chart Indicates DOGE Could Drop To $0.22 

The Dogecoin price started the previous weekend in the green, increasing by 0.63% on Saturday and 1.67% on Sunday to end the weekend above the 20-day SMA at $0.26. Monday started on a positive note for DOGE, as it rose by almost 6%, pushing up to $0.28. However, the price fell back on Tuesday, dropping by 2.80%, before falling by almost 7% on Wednesday to slip below the 20-day SMA and settle at $0.25. DOGE pushed up marginally on Thursday as the price rose to $0.26, an increase of 1.85%.

Image: DOGE/USD daily chart 111721

Image: DOGE/USD daily

After rising to $0.26 on Thursday, the Dogecoin price dropped on Friday, registering a marginal drop. The weekend saw DOGE push up by 0.64% on Saturday and 0.45% on Sunday to end the weekend on a positive note. However, the price was back in the red on Monday, as it fell by 2.39%. DOGE slipped below the 50-bar SMA on Tuesday, as the price dropped to $0.23. The current session sees DOGE still in the red, with the price currently down by over 1%.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.26. At this price level, over 109,000 addresses have sold over 12 billion DOGE.

Image: DOGE/USD volume chart 111721

Image: IntoTheBlock 

The 4-hour Dogecoin price chart shows us that DOGE was at $0.28 on the 9th. However, after reaching this level, the price turned bearish, slipping below the 20-bar SMA and settling at $0.27. After a marginal recovery, DOGE continued to drop, as it slipped below the 50-bar SMA and dropped to $0.23. At this level, the 200-bar SMA came into play as support, pushing the price to $0.26, where the 50-bar SMA was acting as resistance. DOGE could not get past this level, as the price dropped to $0.25, slipping below the 200-day SMA. DOGE recovered from this point, gradually pushing up to $0.26, as it pushed above the 200 and 20-bar SMAs. DOGE stayed at this level for the next few sessions, dropping significantly as it dropped below the 20 and 200-bar SMAs and settled at its current level of $0.23.

We can see that the RSI indicates that the price has slipped below the neutral zone. We could see the price recover as DOGE moves back into the neutral zone.

Image: DOGE/USD 4-hour chart 111721

Image: DOGE/USD 4-hour

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE fell significantly on Tuesday, with the price dropping during the current session as well. If the price continues to drop, we could see DOGE drop to $0.22.