Dogecoin Price Analysis: DOGE Marginally Up During Current Session After Bearish Week

Daily Dogecoin Price Prediction

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Last Updated December 30th 2021
3 Min Read
  • The Dogecoin price is currently up by a little over 1% during the ongoing session, as it looks to climb to $0.17. 
  • DOGE has been extremely bearish during the week and had dropped to $0.16 on Wednesday. 

The Dogecoin price has registered a marginal recovery during the ongoing session, as DOGE looks to climb to $0.17. DOGE has been extremely bearish during the current week, registering a drop of 0.63 on Monday. The price continued to drop on Tuesday, as it fell by 7.50% and settled at $0.17, where the 20-day SMA acted as support. Wednesday saw SOL slip below the 20-day SMA, as the price dropped to $0.16 before pushing up during the current session. 

Dogecoin Price Chart Shows DOGE Pushing Back Above $0.17 

The Dogecoin price started the previous week in the red, dropping by 0.95% on Monday. The price recovered on Tuesday, rising by almost 2% and settling at $0.17. DOGE continued to increase on Wednesday, rising by 0.35%, before pushing past the 20-day SMA on Thursday after registering an increase of nearly 7%. After moving to $0.18 on Thursday, DOGE continued to push up on Friday, rising by 0.86%.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 123021

The Dogecoin price continued to push higher over the weekend, rising by over 2% and moving to $0.19. However, despite the bullish sentiment, the price fell back on Sunday, dropping by 0.63% and ending the weekend on a bearish note. The current week started with the bearish sentiment persisting, as DOGE dropped by 0.74% on Monday. Tuesday saw the price fall even further, as DOGE dropped by 7.50%, slipping below the 20-day SMA and settling at $0.17. DOGE fell further on Wednesday, dropping to $0.16, before registering a marginal increase during the ongoing session.

We can see that the Parabolic SAR is still bullish, indicating that 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, over 52,000 addresses have sold more than 9.5 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 123021

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had pushed above the 200-bar SMA on the 24th, rising to $0.18. The price continued to push up, rising to $0.19 and was able to stay at this level thanks to the 200-bar SMA acting as support. DOGE fell only on the 27th when the price slipped back below the 20-bar SMA and then below the 200-bar SMA, dropping to $0.18. DOGE continued to fall after reaching this level, slipping below the 50-bar SMA on the 28th, dropping to its current level of $0.16.

We can see that the MACD is currently bearish, indicating that we could see the price drop. However, if the price recovers, we could see it flip to bullish.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 123021

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 current session. If buyers manage to retain the session, we could see the DOGE settle above $0.17.