Dogecoin Price Analysis: Sellers Look To Push Doge Below $0.15

Daily Dogecoin price Prediction

By
Last Updated January 7th 2022
3 Min Read
  • The Dogecoin price is currently down by nearly 5%, with sellers controlling the market. 
  • DOGE had registered a marginal increase on Thursday, rising by 0.88%. 

The Dogecoin price continued to drop during the ongoing session as sellers looked to push DOGE below $0.15. DOGE has been bearish all week, starting Monday with a drop of 2.63%. The price continued to drop from this level, with DOGE registering a marginal drop on Tuesday and then falling by nearly 6% on Wednesday. DOGE was able to make a marginal recovery on Thursday but fell back in the red on Friday. 

Dogecoin Price Chart Indicates DOGE Could Slip Below $0.15 

The Dogecoin price started the previous week in the red as well, dropping by 0.74% on Monday. On Tuesday, the price continued to drop, with DOGE dropping by over 7%, slipping below the 20-day SMA and settling at $0.17. The price continued to drop on Wednesday, falling by 3.39% to $0.16. DOGE was able to register a recovery on Thursday, which pushed the price back to $0.17 but fell back on Friday, registering a marginal drop of $0.35%.

Image: DOGE/USD daily

Image: DOGE/USD dail chart 0120722

After a marginal drop on Friday, the Dogecoin price recovered over the weekend, rising by 1.64% on Saturday and 0.75% on Sunday to end the weekend on a positive note. However, the price was back in the red on Monday, dropping by 2.63%. DOGE remained in the red on Tuesday, registering a marginal fall, and then dropped by nearly 6% on Wednesday, dropping to $0.15. A recovery on Thursday took DOGE back to $0.16 before dropping during the current session and falling to $0.15.

We can see that the MACD and Parabolic SAR are both bearish, indicating that we could see the price drop further.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.17. At this price level, over 55,000 addresses have sold more than 4.6 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 0120722

The 4-hour Dogecoin price chart shows us that DOGE had pushed above the 20-bar SMA on the 2nd, rising to $0.17. The price was able to stay at this level for the subsequent few sessions before dropping back below the 20-bar SMA on the 3rd and falling to $0.16. The price pushed up from this level but could not move past the 20-bar SMA and settled at $0.17. DOGE was unable to stay at this level and fell back, dropping to $0.16. DOGE registered a marginal increase after dropping to this level but fell back significantly, dropping to $0.15 on the 6th. DOGE pushed up to $0.16 from this level before dropping to its current level of $0.15.

We can see that the MACD is bearish, and if the price continues to drop, we could see the Parabolic SAR flip to bearish as well.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 0120722

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has been extremely bearish over the past week. If the current sentiment persists, we could see DOGE slip below $0.15.