Dogecoin Technical Analysis: Sellers Push DOGE To $0.20, Look To Push It Lower

Daily Dogecoin Price Analysis

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Last Updated December 2nd 2021
3 Min Read
  • The Dogecoin price has continued to fall during the ongoing session, with the price currently down by over 2%. 
  • DOGE had started the week on a reasonably bullish note, registering an increase of 3.69% on Monday. 

The Dogecoin price is currently down by over 2%, as sellers pushed the price down for the second day running. DOGE had started the current week on a fairly bullish note, as the price pushed up by over 3% on Monday. However, the price fell back on Tuesday, registering a marginal drop of 0.17%. DOGE continued to drop on Tuesday, as the price dropped by over 2% to slip below $0.21. 

Dogecoin Price Chart Indicates DOGE Could Slip Below $0.20 

The Dogecoin price started the previous week on a bearish note, as it registered a drop of almost 3% on Monday. However, DOGE recovered on Tuesday, registering an increase of over 3%, before falling back on Wednesday, dropping to $0.21. DOGE registered a marginal recovery on Thursday, as the price rose by 1.47%, but fell back drastically on Friday, falling by almost 9% and settling at $0.20.

Image: DOGE/USD daily chart 120221

Image: DOGE/USD daily

The Dogecoin price recovered over the weekend after dropping on Friday, moving up by 2.11% on Saturday and then by 1.02% on Sunday, closing the weekend at $0.20. The bullish sentiment persisted on Monday, with DOGE rising by almost 4% and settling at $0.21. After reaching this level, DOGE fell back, registering a marginal drop on Tuesday, before falling by 2.47% on Wednesday and settling at $0.20. The current session sees sellers in control, with the price down by over 2% at present.

We can see that the Parabolic SAR is currently bullish, indicating a price increase, but if DOGE 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 $0.22. At this price level, over 53,000 addresses have sold more than 6.6 billion DOGE.

Image: DOGE/USD volume chart 120221

Image: IntoTheBlock

The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.19 on the 26th, after slipping below the 20-bar SMA. DOGE was able to push up marginally from this level, as it rose to $0.20 on the 27th, but with the 20-bar SMA acting as resistance, fell back to $0.19 on the 28th. DOGE pushed above the 20-bar SMA from this level, rising to $0.20, and then pushed above the 50-bar SMA, rising to $0.22 on the 30th. DOGE was able to stay at this level for the next few sessions, thanks to the 50-bar SMA acting as support. However, it slipped below the 20 and 50-bar SMAs on the 1st, dropping to its current level of $0.20.

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

Image: DOGE/USD 4-hour chart 120221

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 in the red over the past couple of sessions, with the price currently down by over almost 2%. If the current sentiment persists, we could see DOGE drop below $0,20. However, if the price recovers, DOGE could push to $0.22.