Dogecoin Price Analysis: DOGE Looks To Push Past 20-Day SMA

Daily Dogecoin Price Prediction

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Last Updated December 22nd 2021
4 Min Read
  • The Dogecoin price has started the current session on a fairly positive note and is up by over 0.50%. 
  • DOGE had been quite bearish during the previous week and had dropped to $0.16 on Sunday. 

The Dogecoin price has started the current session on a fairly positive note, with buyers looking to push the price above the 20-day SMA. DOGE was quite bearish over the weekend, dropping by almost 2% on Saturday before a further drop of 0.89% on Sunday took the price down to $0.16. The price recovered on Monday, rising by almost 2%, before moving up to $0.17 during the ongoing session. 

Dogecoin Price Chart Indicates DOGE Looking To Move Past 20-Day SMA.

The Dogecoin price started the previous weekend on a fairly positive note, rising by almost 3% on Saturday and then pushing by 0.35% on Sunday to end the weekend at $0.16. However, the price fell back in the red on Monday, dropping by over 7%, before surging by over 21% on Tuesday and settling at $0.19. At this level, the 20-day SMA was acting as resistance, and as a result. DOGE fell back on Wednesday, dropping by over 5% and settling at $0.18.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 122221

The Dogecoin price continued to drop on Thursday, as it fell by 4.37% and settled at $0.17, before registering a further drop of 2.60% on Friday and settling at $0.16. The price managed to recover on Saturday, as it rose by over 2% and moved back to $0.17, but fell back on Sunday, falling by 1.74% and ending the weekend on a bearish note. DOGE continued to be bearish on Monday, dropping by 0.89%, before recovering and rising by 1.97% to settle at $0.17. The current session has seen DOGE continue to remain bullish as it looks to move past the 20-day SMA.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price rise further.

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, over 18,000 addresses have sold more than 6.3 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 122221

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had pushed up to $0.18 on the 15th. The price managed to stay at this level for the next few sessions before falling back below the 20-bar SMA and then going below the 50-bar SMA and settling at $0.16 on the 17th. The price maintained this level until the 18th, when it pushed above the 50-bar SMA, before dropping back below the SMA on the 19th and dropping to $0.16 on the 20th. The price pushed up from this level, as it rose to $0.17, before pushing past the 20-bar SMA and settling at its current level.

We can see that the MACD and Parabolic SAR are both bullish, indicating that we could see the price push higher.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 122221

Dogecoin Whale Moves $973,010,200 In Crypto In One Transaction

Recent data shows that a Dogecoin (DOGE) whale just moved nearly $1 billion in crypto while paying less than a dollar in transaction fees.

According to Dogecoin blockchain explorer DogeChain, the deep-pocketed crypto investor relocated $973.01 million worth of DOGE to two different wallets in a single transaction.

The first wallet collected 80 million DOGE worth $13.78 million. A second wallet received 5.3 billion DOGE worth $913.09 million. For the first transaction, the whale spent just 4.49 DOGE in transaction fees. The crypto whale that initiated the massive transfer was the second-largest Dogecoin wallet in existence before the transaction, according to BitInfoCharts.

The outbound transaction dropped the large wallet to the 48th-biggest Dogecoin address as it now holds over 236 million DOGE worth about $40.8 million. The crypto investor holds 0.1785% of the total supply of DOGE.

The whale’s movements come after tech billionaire and Tesla CEO Elon Musk sent the popular dog-themed meme coin’s price skyrocketing last week after announcing that the electric car manufacturer would be accepting payments in DOGE for select merchandise. However, it remains unclear what items are available for purchase in Dogecoin.

According to the billionaire, DOGE is a better form of payment than Bitcoin.

“The total transaction flow that you can do with Dogecoin is substantially more than… like transactions per day [on Dogecoin] is much higher than, has much higher potential than Bitcoin.

[Dogecoin] is slightly inflationary, but that inflationary number is a fixed number as opposed to a percentage."

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has been quite bullish over the past couple of days. If buyers can retain control, we could see DOGE look to move past the 20-day SMA.