Dogecoin Price Prediction: DOGE Back In The Red, Slumps Below $0.140

Daily Dogecoin DOGE Technical Analysis

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Last Updated February 21st 2022
3 Min Read
  • The Dogecoin price is currently down by almost 3%, as sellers look to push DOGE even lower. 
  • DOGE has been relatively bearish in recent sessions and had dropped by almost 7% on Thursday. 

The Dogecoin price fell back in the red during the ongoing session, as DOGE looks set to end the weekend on a bearish note, with the price currently at $0.137. DOGE had registered a sharp drop on Thursday, falling to $0.138. However, DOGE could register a marginal recovery on Friday before rising by 2.02% on Saturday and moving to $0.141 before dropping back during the ongoing session. 

Dogecoin Price Chart Indicates DOGE Could Drop To $0.130 

The Dogecoin price started the previous weekend on a bearish note, dropping by almost 4% on Friday. On Saturday, the price remained in the red, dropping below the 20-day SMA, falling to $0.144. However, DOGE was able to make a strong recovery on Sunday, rising by almost 3%, moving back above the 20-day SMA, and settling at $0.148. Monday saw DOGE back in the red, as it dropped back below the 20-day SMA, before recovering on Tuesday, rising by over 4%, moving back above the 20-day SMA and settling at $0.152.

Image: DOGE/USD daily

Image: DOGE/USD dailychart 022122

The Dogecoin price fell back in the red on Wednesday, dropping by 2.11% to $0.148. Thursday saw the bearish sentiment persist, as the price fell by 6.99%, dropping below the 20-day SMA and falling to $0.138. Despite the bearish sentiment, DOGE was able to register a marginal recovery on Friday before rising to $0.141 on Saturday. The current session sees DOGE at $0.137, down by almost 3%.

We can see that the MACD is currently bearish, indicating that we could see the price drop further.

IntoTheBlock’s IOMAP for the Dogecoin price shows us that DOGE faces strong resistance at around $0.143. At this price level, over 79,000 addresses have sold more than 9.8 billion DOGE.

Check Out: The 5 Best Ways to Buy Dogecoin

Image: IntoTheBlock

Image: DOGE/USD volume chart 022122

The 4-hour Dogecoin price chart shows us that DOGE had pushed above the 20-bar SMA on the 15th, rising to $0.148. DOGE continued to push higher from this level, as it rose to $0.152 on the 16th, where the 200 and 50-bar SMAs acted as resistance. As a result, DOGE could not move past this level and fell back below the 20-bar SMA, dropping to $0.147. DOGE was able to push back above the 20-bar SMA, rising to $0.150, before dropping back below the 20-bar SMA and falling to $0.138 on the 18th. DOGE pushed up to $0.141 before dropping back to $0.138 and then rising to $0.143 on the 19th. Here the 20-bar SMA was acting as resistance, and the price fell back, dropping to its current level of $0.136.

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

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 022122

DOGE Price Is Expected To Reach These Levels

The Dogecoin price chart shows that DOGE has dropped considerably during the ongoing session. If the current sentiment persists, we could see DOGE Drop below $0.135.

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