Dogecoin Price Analysis: DOGE Drops After Surging On Back Of Tesla Acceptance

Daily Dogecoin Price Prediction

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Last Updated January 17th 2022
3 Min Read
  • The Dogecoin price slipped below the 50-day SMA during the ongoing session and could slip below $0.170. 
  • DOGE had been very bullish during the previous week and had risen to $0.184 on Saturday. 

The Dogecoin price fell significantly during the current session, as sellers look to push DOGE below $0.170. Currently, DOGE is down over 3% and could slip further. The Dogecoin price had registered a significant increase on Friday, rising by 6.99%, pushing above the 50-day SMA and settling at $0.183. The price continued to push higher on Saturday, moving to $0.184, before dropping back on Sunday and falling to $0.176, where the 50-day SMA acted as support. 

Dogecoin Price Chart Indicates DOGE Could Slip Below $170 

The Dogecoin price started the previous weekend on a fairly bearish note, dropping by 2.65% on Saturday. Sunday saw DOGE register a marginal drop, as the price fell to $0.150. The week started in the same bearish vein for DOGE, as it slipped below $0.150 and dropped to $0.143. However, DOGE made a strong recovery on Tuesday, rising by 7.55% and moving to $0.153. Wednesday saw the bullish sentiment persist, as buyers pushed DOGE to $0.163, registering an increase of almost 6%.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 011722

The Dogecoin price continued to push higher on Thursday, pushing above the 20-day SMA and settling at $1.171. DOGE pushed above the 50-bar SMA on Friday, rising by 6.99% and settled at $0.183, going into the weekend on a positive note. Saturday saw DOGE register a marginal increase, as the price rose to $0.184. However, DOGE fell back in the red on Sunday, falling over 4% and settling at $0.176, where the 50-day SMA acted as support. The current session sees DOGE continue to drop, with the price currently down over 3%.

We can see that the Parabolic SAR is still bullish, 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 around $0.189. At this price level, over 93,000 addresses have sold more than 10 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 011722

The 4-hour Dogecoin price chart shows us that DOGE had moved above the 50-bar SMA on the 12th. Doge continued to push higher from this level, rising to $0.171, where the 200-bar SMA acted as resistance. As a result, the price fell back, dropping marginally before pushing above the 200-bar SMA and rising to $0.195 on the 14th. However, DOGE could not stay at this level and dropped to $0.183 before registering a marginal increase and pushing to $0.191. DOGE turned bearish after reaching this level, dropping significantly to $0.180 and then slipping below the 20-bar SMA and dropping to $0.169, slipping below the 200-bar SMA. Currently, DOGE is at $0.171, but with the MACD currently bearish, we could see the price drop further.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 011722

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has dropped considerably over the past couple of sessions. If the current sentiment persists, we could see DOGE slip below $0.170.