Dogecoin Technical Analysis: DOGE Up By Almost 5% After Strong Recovery

Daily Dogecoin Price Analysis

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Last Updated November 24th 2021
3 Min Read
  • The Dogecoin price registered an increase of almost 5% during the current session. 
  • DOGE had been quite bearish over the weekend and had dropped to $0.21 on Monday. 

The Dogecoin price stopped the bearish trend, as the price pushed up to $0.22 during the current session. DOGE had been quite bearish over the weekend, although the price had pushed up significantly on Friday. DOGE could only manage a marginal increase on Saturday before the price dropped by over 3% on Sunday to end the weekend on a bearish note. The current week also started on a bearish note as the price dropped by almost 3%, falling to $0.21. 

Dogecoin Price Chart Indicates DOGE Could Push To $0.23 

The Dogecoin price was in the green during the previous weekend, rising by 0.64% on Saturday and 0.45% on Sunday. However, DOGE fell back on Monday, as it registered a fall of 2.39%, falling to $0.25. Tuesday saw a significant price drop, with DOGE slipping below the 50-day SMA and settling at $0.23. The price pushed up marginally on Wednesday but fell back on Thursday, falling by almost 7% and settling at $0.22.

Image: DOGE/USD daily chart 112421

Image: DOGE/USD daily

After dropping by almost 7% on Thursday, the Dogecoin price pushed up on Friday, rising by 5.53% and settling at $0.23. DOGE could only register a marginal increase on Saturday before dropping on Sunday and ending the weekend down by 3.34%. The bearish sentiment continued on Monday, with the price dropping by 2.77% before making a strong recovery during the current session, currently up by almost 5%.

We can see that the MACD is currently bearish, but if the price continues to push 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 $0.25. At this price level, over 148,000 addresses have sold more than 6 billion DOGE.

Image: DOGE/USD volume chart 112421

Image: IntoTheBlock

The 4-hour Dogecoin price chart shows us that DOGE had fallen to $0.23 on the 17th. The price registered a marginal increase from this price level before dropping to $0.21. DOGE rose to $0.23 from this level as it pushed past the 20-bar SMA on the 19th. With the 20-bar SMA now acting as support, DOGE could stay at this level until the 21st, which is when the price dropped below the 20-bar SMA and settled at $0.22. DOGE dropped further from this level, falling to $0.21, before pushing past the 20-bar SMA and settling at its current price of $0.22.

We can see that the Parabolic SAR is currently bullish, indicating that the price could push up further.

Image: DOGE/USD 4-hour chart 112421

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 recovered well during the current session. If the current sentiment persists, we could see the price push towards $0.25, where the price would encounter resistance.