Dogecoin Price Prediction: DOGE Back In The Red After Pushing To $0.18

Daily Dogecoin Techical Analysis

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Last Updated December 24th 2021
2 Min Read
  • The Dogecoin price pushed to $0.18 on Thursday, rising by almost 7%. 
  • The current session sees DOGE back in the red as the price dropped marginally. 

The Dogecoin price fell back marginally during the ongoing session, as sellers look to push the price back below $0.18. DOGE had been quite bullish during the ongoing week, although the price had dropped by 0.89% on Monday. DOGE recovered on Tuesday, rising by 1,97% and then by 1.35% on Wednesday, settling at $0.17. DOGE pushed above the 20-bar SMA on Thursday, as the price rose to $0.18 but fell back during the current session. 

Dogecoin Price Chart Indicates Sellers Looking To Push DOGE To $0.18 

The Dogecoin price was quite bearish at the start of the previous week, falling by over 7% on Monday. DOGE made a spectacular recovery on Tuesday, falling by over 21% and settling at $0.19, before falling back on Wednesday, falling by over 5%. DOGE continued to drop on Thursday, falling by 4.42%, before a further drop on Friday saw the price drop to $0.16. Saturday saw DOGE make a slight recovery, rising by over 2% and settling at $0.17, before falling back into the red on Sunday.

Image: DOGE/USD daily

DOGE/USD daily chart 122421

The Dogecoin price started the current week, registering a drop of 0.89% on Monday. However, the price was back in the green on Tuesday, rising by 1.97% and settling at $0.17. The price continued to push higher on Wednesday, rising by 1.35%, before moving above the 20-day SMA on Thursday and rising to $0.18. The current session has seen the price drop marginally, as sellers look to push DOGE back below $0.18.

We can see that the Parabolic SAR is currently bullish. However, 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 35,000 addresses have sold more than 7 billion DOGE.

Image: IntoTheBlock

DOGE/USD volume chart 122421

The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.16 on the 18th. The price recovered from this level, rising to $0.17, but could not move past the 50-bar SMA and dropped back to $0.16 on the 20th. The price made a strong recovery from this level, rising to $0.17 and pushing above the 20-bar SMA on the 21st. DOGE continued to push higher from this level, moving above the 50-bar SMA and settling at $0.17 on the 22nd. The price continued to push higher from this level as it rose to its current level of $0.18.

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

Image: DOGE/USD 4-hour

DOGE/USD 4-hour chart 122421

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has dropped during the current session. If the current sentiment persists, we could see DOGE slip below $0.18 again.