It was towards the end of October 2021 when the price of Dogecoin (DOGE) started experiencing a downtrend. From that point onwards, the price of DOGE has continued experiencing a downtrend. This is mainly because of the low sentiments that the investors have in the meme coin.
On top of that, DOGE is also feeling the impact of the overall cryptocurrency market that it started facing at the beginning of December 2021. The data from TradingView shows that the price of DOGE has dropped from $0.20 from December 1, 2021, to $0.16 at the time of writing.
This means that as of now, SHIB has lost a lot in its value and the bears currently have the situation under their control. Ever since the plunge from the beginning of December, the bears have been selling DOGE.
The data shows that they are trying to push the price of DOGE even lower than where it is at the moment. They have been selling DOGE at a high rate, which is causing a further drop in the price of DOGE. They are aiming to bring the price of DOGE down to $0.14 per DOGE.
On the other hand, the bulls do not seem to be making much of an effort in order to push the price of DOGE in the upward direction. At the moment, the $0.15 per DOGE figure seems to be the strong support benchmark for the meme coin.
Therefore, the bears will do whatever they can in order to drag down the price of DOGE. If they manage to bring the price of DOGE below the $0.15 per DOGE figure, it would result in a huge selling for the meme coin.
This may trigger a mass-selling activity from the bulls’ end and its price may come close to the $0.14 per DOGE figure. If that happens, then the overall trend for DOGE would fall into the bearish zone. It would trigger another sale for DOGE on a large scale, pushing the price for DOGE down to $0.10 per DOGE.
On the contrary, if the bulls come into action and make the effort of pushing the price of DOGE higher, they may keep the 20-SMA in mind. As of now, the 20-SMA for DOGE is $0.1995. However, it is only achievable in case the investors go for DOGE purchases on a really large scale.
If that happens, then DOGE may be able to break through the $0.20 per DOGE price where the bears will give the bulls a tough time. At this point, DOGE bulls may have to push with more buying power. If that happens, then the price of DOGE may grow up to 100-SMA which is $0.2377.
