Dogecoin Price Prediction: DOGE Continues To Drop, Could Slip Below $0.150

Daily Dogecoin DOGE Technical Analysis

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Last Updated February 10th 2022
3 Min Read
  • The Dogecoin price continued to drop during the ongoing session and is currently down by over 1%. 
  • DOGE had been quite bullish in recent sessions and had pushed up to $0.165 on Monday. 

The Dogecoin price remained in the red during the current session, as sellers continued to push the price down. DOGE had ended the weekend on a bullish note, registering an increase of almost 5% on Sunday and settling at $0.154. Monday saw DOGE remain bullish, as the price surged by over 7%, pushing above the 50-day SMA and rising to $0.165. The price fell back after reaching this level, dropping by over 4% on Tuesday and then continuing to drop during the current session. 

Dogecoin Price Chart Indicates Sellers Looking To Push DOGE To $0.150 

The Dogecoin price registered a significant drop on Sunday, ending the previous weekend at $0.139. The price recovered on Monday, rising by 1.80% and moving to $0.141, before registering a marginal increase on Tuesday and moving to $0.142. The price fell back on Wednesday, dropping by almost 4%, before recovering on Thursday and registering a marginal increase. Friday saw the price register a significant increase, rising by over 7%, pushing past the 20-day SMA and moving to $0.147.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 021022

The Dogecoin price fell back on Saturday, registering a marginal drop, before making a strong recovery on Sunday, rising by almost 5% and ending the weekend at $0.154. Monday saw DOGE remain bullish, as the price rose by over 7%, surging past the 50-bar SMA and settling at $0.165. The price fell back on Tuesday, slipping back below the 50-bar SMA and falling to $0.158. The current session sees DOGE down marginally as sellers look to push the price lower.

We can see that the MACD is currently bearish, but 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 $0.162. At this price level, over 69,000 addresses have sold more than 11.7 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 021022

The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.135 on the 3rd, slipping below the 20 and 50-bar SMAs. The price made a strong recovery from this level, rising to $0.140, then pushing past the 20 and 50-bar SMAs, rising to $0.149 on the 5th. DOGE fell back from this level, dropping to $0.146, before making a strong recovery, pushing past the 200-bar SMA and rising to $0.167 on the 7th. After reaching this level, the price fell to $0.156, where the 20-bar SMA acted as support. DOGE registered a marginal recovery from this level, rising to its current level of $0.157.

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

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 021022

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE is marginally down during the current session. If sellers retain the session, we could see DOGE drop below $0.155. However, if the price recovers, we could see DOGE push back towards $0.160.