Dogecoin Price Prediction: DOGE Back In The Red After Wednesday’s Marginal Recovery

Daily Dogecoin DOGE Technical Analysis

By
Last Updated February 11th 2022
3 Min Read
  • The Dogecoin price is back in the red, as it failed to push past the 50-day SMA, with DOGE currently at $0.158. 
  • DOGE had started the week on a fairly bullish note, rising to $0.165 on Monday. 

The Dogecoin price failed to push past the 50-day SMA as it fell back in the red during the ongoing session, with sellers looking to drive the price lower. DOGE was quite bullish at the start of the week, rising over 7% and pushing past the 50-day on Monday, moving to $0.165. On Tuesday, the price fell back, dropping by over 4%, slipping below the 50-day SMA and settling at $0.158. DOGE registered a marginal recovery on Wednesday before dropping back during the current session. 

Dogecoin Price Chart Indicates Strong Resistance Ar Around $0.160 

The Dogecoin price started the previous week on a fairly bullish note, rising by almost 2% on Monday and moving to $0.141. The price continued to push higher on Tuesday, rising by 0.56%, before dropping back on Wednesday, falling by almost 4% and settling at $0.137. SOGE recovered on Thursday, registering a marginal recovery, before surging by over 7% on Friday, pushing above the 20-day SMA and rising to $0.147.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 021122

The Dogecoin price fell back on Saturday, as it registered a marginal drop on Saturday, before pushing up by nearly 5% on Sunday and ending the weekend on a bullish note at $0.154. Monday saw DOGE remain bullish, as the price surged by over 7%, pushing past the 50-day SMA and settling at $0.165. DOGE fell back on Tuesday, dropping by over 4% and slipping back below the 50-day SMA, dropping to $0.158, before making a marginal recovery on Wednesday. The current session sees DOGE down marginally as buyers and sellers look to take control of the session.

The MACD is bullish, indicating that we could see the price recover. However, if DOGE fails to do so, we could see the MACD flip to bearish.

IntoTheBlock’s IOMAP for the Dogecoin price shows us that DOGE faces strong resistance at around $0.161. At this price level, over 63,000 addresses have sold more than 9 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 021122

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had pushed up to $0.141 on the 4th, pushing above the 20 and 50-bar SMAs. The price continued to push higher from this level, as the price rose to $0.149 on the 5th. DOGE fell back from this level, falling to $0.146 on the 6th. DOGE registered a stunning increase from this point, surging past the 200-bar SMA, rising to $0.159, and then rising to $0.167 on the 7th. The price fell back from this level, as DOGE dropped to $0.155, where the 20-bar SMA acted as support. As a result, DOGE pushed up to $0.159 before dropping below the 20-bar SMA and falling to its current level of $0.158.

We can see that the Parabolic SAR and MACD are bearish, but if the price continues to push higher, we could see them flip to bullish.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 021122

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has registered a marginal fall during the current session. If sellers retain the session, we could see DOGE drop below $0.150. However, if the price recovers and pushes past the 50-day SMA, DOGE could push above $0.160.