Dogecoin Price Analysis: DOGE Looks To Push Past $0.18 After Marginal Recovery

Daily Dogecoin Price Prediction

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Last Updated December 17th 2021
3 Min Read
  • The Dogecoin price has pushed up during the ongoing session, as buyers look to push the price to $0.18. 
  • DOGE had dropped significantly over the past few sessions, dropping to $0.17 on Thursday. 

The Dogecoin price registered a marginal increase during the ongoing session, as it looks to reverse a fairly bearish week. SOL had started the week on a bearish note, dropping by over 7% on Monday. The price jumped over 21% on Tuesday but fell back on Wednesday, dropping to $0.18. Thursday saw SOL drop further, slipping to $0.17, before posting a marginal recovery during the current session. 

Dogecoin Price Chart Indicates DOGE Looking To Push Above $0.18

The Dogecoin price started the previous week by registering an increase of 3.73% on Monday. On Tuesday, the price fell back, dropping by 0.67%, but recovered on Wednesday, rising by 1.19%. The price fell back on Thursday, falling by over 5% and settling at $0.16, before registering another drop on Friday, when the price fell by almost 3%.

Image: DOGE/USD daily chart 121721

Image: DOGE/USD daily

After dropping by almost 3% on Friday, the Dogecoin price recovered, rising by 2.98% on Saturday and then 0.35% on Sunday, ending the weekend at $0.17. However, Monday saw DOGE back in the red, dropping by over 7% and settling at $0.15. Tuesday saw DOGE register a significant jump of over 21% as the price moved to $0.19. With strong resistance at this level, the price fell back on Wednesday, dropping by 5.34% and then by 4.42% on Thursday to settle at $0.17.

The current session has seen the price recover, and with the Parabolic SAR and MACD both bullish, we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.18. At this price level, more than 37,000 addresses have sold more than 7 billion DOGE.

Image: DOGE/USD volume chart 121721

Image: IntoTheBlock

The 4-hour Dogecoin price chart shows us that DOGE had pushed above the 20-bar SMA on the 12th when the price rose to $0.17. However, the price fell back from this level, dropping below the 20-bar SMA and settling at $0.15. DOGE surged from this level, as the price pushed above the 20 and 50-bar SMAs, as a surge of over 32% saw the price move to $0.21. However, after reaching this level, DOGE fell back, dropping to $0.17 on the 15th, where the 20 and 50-bar SMAs acted as support. The price pushed to $0.18 from this level before dropping below the 20-bar SMA and dropping to its current level of $0.17.

Image: DOGE/USD 4-hour chart 121721

Image: DOGE/USD 4-hour

Dogecoin Whale Transactions Jump 148% After Tesla Announcement

Large transactions of the meme cryptocurrency Dogecoin jumped by 148% shortly after the CEO of electric car maker Tesla, Elon Musk, announced the firm would accept DOGE payments for merch.

As first reported by Benzinga, data from Into The Block showed Dogecoin saw a 148% increase in “large transactions,” defined as transactions on the blockchain whose value exceeds $100,000. The transactions started surging soon after the price of DOGE jumped based on Musk’s announcement.

Benzinga’s report also noted that market participants quickly shared positive sentiment on social media on the cryptocurrency, helping DOGE’s social dominance across platforms surge 54% over a 24-hour period. Dogecoin whales may also be moving funds based on a recent announcement made by a DOGE developer that revealed they managed to create the first non-fungible token (NFT) on the Dogecoin blockchain and posted the transaction in which he minted it.

The developer pointed out that on the Dogecoin blockchain, the cost to mint the NFT was only 0.01 DOGE, which roughly equals less than one cent. The developer added that he used SHA-256 hash functions to mint the NFT and store it on a Checksum.

Per earlier reports, search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally earlier this year, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has made a marginal recovery during the ongoing session. If the current sentiment persists, we could see DOGE cross $0.18.