Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) is struggling to recover after slipping below the 20-day SMA and has slipped below key support levels during the current session. DOGE experienced a significant drop on Monday as it fell over 11% to go below the 20-day SMA and settle at $0.414. Sellers continued to dominate on Tuesday as DOGE dropped almost 5% to $0.394. DOGE recovered on Wednesday, rising over 5% and settling at $0.414. However, despite the substantial increase, DOGE could not move past the 20-day SMA. As a result, it fell back on Thursday, dropping just over 2% and settling at $0.406. DOGE registered a marginal recovery on Friday, rising 0.89% and settling at $0.409.

With the 20-day SMA acting as a dynamic resistance level, DOGE fell back in the red on Saturday, dropping just over 3% and settling at $0.397. It recovered on Sunday to register an increase of 2.19% and end the weekend positively. However, bearish sentiment returned on Monday as DOGE failed to go above the 20-day SMA, allowing sellers to take control. As a result, DOGE dropped just over 1% and settled at $0.401. Sellers retained control on Tuesday, driving DOGE below $0.40 to $0.393. The current session sees DOGE down almost 3% and trading around $0.383.

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