Dogecoin Price Analysis: DOGE Stuck At $0.17

Daily Dogecoin Price Prediction

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Last Updated January 4th 2022
3 Min Read
  • The Dogecoin price has not made any significant movement over the past few sessions. 
  • DOGE has been unable to push past $0.17, with the 20-day SMA acting as strong resistance. 

The Dogecoin price has been unable to move past $0.17, thanks to the 20-day SMA acting as resistance, with DOGE back in the red during the ongoing session. DOGE had registered a marginal drop on Friday, dropping by 0.35%. However, the weekend saw DOGE recover, rising by 1.64% on Saturday and then rising by 0.75% on Sunday to end the weekend on a slightly positive note. However, the price was back in the red during the ongoing session and is currently down by over 1.50%. 

Dogecoin Price Chart Indicates 20-day SMA Acting As Strong Resistance 

The Dogecoin price started the previous weekend on a slightly positive note, rising by 2.20% on Saturday. However, the price fell back in the red on Sunday, falling by 0.63% and ending the weekend on a bearish note. Monday saw DOGE continue to remain bearish, falling by 0.74%, before falling by over 7% on Tuesday, slipping below the 20-day SMA and settling at $0.17. Wednesday saw DOGE continue to drop as the price fell to $0.16.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 010422

After dropping to $0.16 on Wednesday, the Dogecoin price rose by nearly 2% on Thursday, moving to $0.17. However, the price was back in the red on Friday, registering a marginal drop. The weekend saw DOGE recover, rising by 1.64% on Saturday and then dropping by 0.75% on Sunday, ending the weekend on a positive note. However, the current session sees DOGE back in the red, and while the Parabolic SAR is bullish, if the price 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 $0.18. At this price level, over 62,000 addresses have sold more than 9.9 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 010422

The 4-hour Dogecoin price chart shows us that DOGE had slipped below the 200-bar SMA on the 28th, falling to $0.18. The price continued to drop from this level, slipping below the 50-bar SMA and settling at $0.17. DOGE continued to drop further, falling to $0.16 on the 30th. The price pushed up from this level, rising to $0.17. DOGE registered a marginal drop from this level before pushing to the 20-bar SMA. The price could not get past this level and fell significantly on the 31st, falling to $0.16. The price pushed up from this level, pushing above the 20-bar SMA on the 1st and then moving to $0.17.

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

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 010422

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE faces strong resistance thanks to the 20-day SMA. If the current sentiment persists, we could see DOGE slip below $0.17.