Dogecoin Price Prediction: DOGE Continues To Drop As Week Starts In The Red

Daily Dogecoin DOGE Technical Analysis

Last Updated February 15th 2022
3 Min Read
  • The Dogecoin price fell back in the red during the current session after ending the weekend on a positive note. 
  • DOGE has been extremely bearish in recent sessions, and had dropped to $0.145 on Saturday. 

The Dogecoin price fell again during the ongoing session and is currently down by nearly 3%, starting the week in the red. DOGE had registered a sharp drop on Friday, dropping by almost 4% and falling to $0.146. The weekend started with a marginal drop on Saturday that saw DOGE slip below the 20-day SMA before recovering on Sunday and ending the weekend at $0.148. The current session sees DOGE at $0.144, with sellers looking to push the price lower. 

Dogecoin Price Chart Indicates DOGE Could Drop To $140 

The Dogecoin price started the previous weekend on an extremely bullish note, rising by nearly 7% on Friday and pushing above the 20-day SMA. On Saturday, the price fell back, registering a marginal drop before recovering on Sunday and ending the weekend at $0.154. DOGE pushed up significantly on Monday, rising by over 7%, moving above the 50-bar SMA, and rising to $0.165 before dropping back below the 50-bar SMA on Tuesday after falling by over 4%. DOGE registered a marginal recovery on Wednesday but could not move past the 50-bar SMA.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 021522

After registering a marginal increase on Wednesday, the Dogecoin price fell back on Thursday, falling by over 4% and dropping to $0.152. DOGE continued to drop on Friday, falling by almost 4% and dropping to $0.146. The weekend started on a bearish note, as DOGE slipped below the 20-day SMA, falling to $0.145, before recovering on Sunday, rising by 1.65% and ending the weekend back above the 20-day SMA at $0.148. However, DOGE fell back below the 20-day SMA during the ongoing session, as sellers pushed the price down to $0.144.

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

IntoTheBlock’s IOMAP for the Dogecoin price shows us that DOGE faces strong resistance at around $0.159. At this price level, over 54,000 addresses have sold more than 10 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 021522

The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.156 on the 8th. At this level, the 20-bar SMA acted as resistance, and the price pushed to $0.159. DOGE fell back from this level, slipping below the 20-bar SMA and falling to $0.152 on the 11th. At this level, the 200-bar SMA was acting as support, and DOGE could stay at this level for the next few sessions before dropping below the 50 and 200-bar SMAs, falling to $0.144. DOGE registered a strong recovery from this level, surging past all three SMAs and rising to $0.155 on the 13th, before dropping back below all three SMAs and dropping to its current level of $0.144.

We can see that the MACD and Parabolic SAR have flipped to bearish, indicating that we could see the price drop further.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 021522

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has been extremely bearish during recent sessions. If the current sentiment persists, we could see DOGE drop towards $0.140.