Dogecoin Price Prediction: DOGE Remains In The Red But Manages To Stay Above $0.20

Dogecoin Daily Technical Analysis

Last Updated December 3rd 2021
3 Min Read
  • The Dogecoin price continued to drop during the ongoing session, marginally down during the ongoing session.
  • DOGE has been quite bearish after it had pushed up by almost 4% on Monday. 

The Dogecoin price registered a marginal drop during the ongoing session, as buyers and sellers look to establish themselves. DOGE had started the week on a positive note, with the price rising by 3.69% on Monday. DOGE fell back on Tuesday as it fell back marginally, before dropping by over 2% on Wednesday, falling to $0.20. On Tuesday, the price continued to fall as DOGE remained in the red with another marginal drop. The current session sees the price presently at $0.20. 

Dogecoin Price Chart Indicates Buyers And Sellers Struggling For Control Of Session

The Dogecoin price registered a drop of almost 3% on Monday (22nd) as DOGE got off to a bearish start to the previous week. The price recovered on Tuesday, moving to $0.22 after rising by over 3%, but fell back on Wednesday, dropping by almost 4%. The price did recover on Thursday, rising by 1.47%, but fell back on Friday, falling by almost 9% and settling at $0.20 as sellers took control of the session.

Image: DOGE/USD daily chart 120321

Image: DOGE/USD daily

After dropping by almost 9% on Friday, the Dogecoin price pushed up over the weekend, registering an increase of 2.11% on Saturday and by 1.02% on Sunday to end the weekend at $0.20. On Monday, the price continued to push up as DOGE rose by 3.69%, settling at $0.21. However, the price turned bearish after reaching this level, with DOGE registering a marginal fall on Tuesday. The price fell further on Wednesday, dropping by 2.47% before another marginal drop on Thursday brought the price to $0.20. The current session sees buyers and sellers struggling for control, with the price still at $0.20.

The Parabolic SAR is currently bullish, but if the price continues to drop, we could see it flip to bearish.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.21. At this price level, over 72,000 addresses have sold more than 10 billion DOGE.

Image: DOGE/USD volume chart 120321

Image: IntoTheBlock

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had slipped below the 20-bar SMA on the 26th when the price fell to $0.19. The price pushed back up from this level, moving to $0.20, but with the 20-bar SMA acting as resistance, the price fell back to $0.19. DOGE pushed above the 20-bar SMA on the 29th, when it pushed up to $0.20. The price then moved above the 50-bar SMA on the 30th, rising to $0.22. With the 50-bar SMA now acting as support, the price could stay at this level for the next few sessions before dropping back below the 20 and 50-bar SMAs and moving to its current level of $0.20.

We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop.

Image: DOGE/USD 4-hour chart 120321

Image: DOGE/USD 4-hour

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that buyers and sellers are struggling to control the ongoing session. If sellers retain control, we could see DOGE drop to $0.20, but if buyers take control, we could see the price move to $0.22.