Dogecoin Technical Analysis: DOGE Continues To Drop, Slips Below 50-Day SMA

Daily Dogecoin Price Analysis

By
Last Updated November 16th 2021
3 Min Read
  • The Dogecoin price continued to drop, as it fell by over 4% during the current session. 
  • DOGE has been quite bearish during the week and had registered a drop of 2.39% on Monday. 

The Dogecoin price remained bearish for the second day in a row, as it slipped below the 50-day SMA during the current session, dropping to $0.24. Since the previous week, DOGE has been quite bearish, falling by almost 7% on Wednesday, slipping below the 20-day SMA, and settling at $0.25. The price remained fairly static over the next few days before dropping by 2.39% on Monday and then by 3.89% during the current session. 

Dogecoin Price Chart Indicates DOGE Could Slip Below $0.24 

The Dogecoin price started the previous weekend on a bullish note, as the price rose marginally on Saturday before pushing above the 20-day SMA on Sunday and settling at $0.26. Monday saw the price continue to push up, as DOGE registered an increase of almost 6% and rose to $0.28. However, with the 200-day SMA acting as resistance, the price dropped on Tuesday, falling by almost 3%. The bearish sentiment persisted on Wednesday, as DOGE registered a drop of almost 7%, slipping below the 20-day SMA and settling at $0.25.

Image: DOGE/USD daily chart 111621

Image: DOGE/USD daily

After dropping to $0.25 on Wednesday, the Dogecoin price posted a marginal recovery on Thursday, as it rose by almost 2%. However, the price was back in the red on Friday, as it registered a marginal drop of 0.29%. DOGE recovered over the weekend, as the price rose by 0.64% on Saturday and then by 0.45% on Sunday to end the weekend at $0.26. However, the current week saw DOGE fall again, dropping by 2.39% on Monday and is down by over 3% during the current session. We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further during the session.

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, more than 125,000 addresses have sold over 13.9 billion DOGE.

Image: DOGE/USD volume chart 111621

Image: IntoTheBlock 

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had surged to $0.28 on the 8th. After staying at this level for a few sessions, the price dropped as DOGE fell to $0.27, slipping below the 20-bar SMA. The price fell further from this level, as it fell below the 50-bar SMA and settled at $0.25 before rising to $0.26. At this level, the 50-bar SMA was acting as resistance, and the price dropped to $0.25, slipping below the 200-bar SMA. DOGE gradually rose from this level, pushing past the 20 and 200-bar SMAs and moving to $0.26 before falling drastically to its current level of $0.24. We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further.

Image: DOGE/USD 4-hour chart 111621

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 been quite bearish over the week, and if the current sentiment persists, we could see the price drop below $0.24.