- The Dogecoin price continued its slump, falling by over 7% on Thursday.
- DOGE has been bearish all week and had registered a drop of almost 8% on Tuesday.
The Dogecoin price continued to drop, with sellers pushing the price down further during the current session. DOGE had dropped by 2.39% on Monday, as it got off to a bearish start to the week, with the price continuing to drop on Tuesday. Tuesday saw DOGE slip below the 50-day SMA as it fell to $0.23 before posting a marginal recovery on Wednesday. However, the price was back in the red on Thursday, as DOGE dropped by almost 7% and settled at $0.22.
Dogecoin Price Chart Indicates DOGE Could Drop Below $0.21
The Dogecoin price started the previous week on a bullish note, as the price pushed up by 5.69% on Monday. Despite the positive start to the week, DOGE slipped back in the red on Tuesday, dropping by 2.80% on Tuesday. Wednesday saw a more pronounced drop as DOGE fell by almost 7%, slipping below the 20-day SMA and settling at $0.25 before recovering on Thursday and settling at $0.26. However, Friday saw DOGE back in the red as it slipped by 0.29%.
Image: DOGE/USD daily
The Dogecoin price recovered over the weekend as it pushed up by 0.64% on Saturday and 0.45% on Sunday to end the weekend on a positive note. However, the current week saw DOGE drop back into the red, as sellers forced the price down by over 2% on Monday. DOGE slipped below the 50-day SMA on Tuesday, dropping by almost 8% and settling at $0.23, before posting a marginal recovery on Wednesday. However, the price was back in the red on Thursday, as DOGE dropped by 6.90%, dropping to $0.22.
We can see that the MACD is currently bearish, indicating that the price could drop further during the current session.
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, more than 49,000 addresses have sold 8 billion DOGE.
Looking at the 4-hour Dogecoin price, we can see that DOGE had dropped to $0.25 on the 11th, after slipping below the 50-bar SMA. Using the 200-bar SMA as support, the price recovered from this level and pushed up to $0.26. However, with the 50-bar SMA acting as resistance at this level, DOGE dropped to $0.25, slipping below the 200-bar SMA. The price recovered from this level as it moved past the 200 and 20-bar SMAs and settled at $0.26. However, DOGE took a bearish turn as the price dropped drastically from this level and dropped to $0.23, dropping below the 20 and 200-bar SMAs once again.
Currently, we can see that the price is at $0.22, and with the RSI indicating that DOGE is below the neutral zone, the price could push up until it moves back into the neutral zone.
Image: DOGE/USD 4-hour
DOGE Price Is Expected To Reach These Levels
Looking at the Dogecoin price chart, we can see that the current session also sees DOGE in the red. If the current sentiment persists, we could see DOGE drop below $0.22 before recovering.