Dogecoin Price Prediction: DOGE Continues To Drop, Slips To $0.13

Daily Dogecoin DOGE Technical Analysis

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Last Updated February 4th 2022
3 Min Read
  • The Dogecoin price continued to drop during the ongoing session and is currently down by nearly 1%. 
  • DOGE had started the week on a fairly bullish note and had pushed up to $0.142 on Tuesday. 

The Dogecoin price continued to drop during the current session, as sellers controlled the market. DOGE had ended the weekend in the red but had recovered on Monday, rising by nearly 2% and moving to $0.141. The price continued to push higher from this level and pushed to $0.142 on Tuesday before dropping back on Wednesday and falling to $0.136 after a drop of nearly 4%. The current session sees DOGE down by almost 1%, as sellers look to push the price down to $0.130. 

Dogecoin Price Chart Indicates DOGE Could Slip to $0.130

The Dogecoin price started the previous week on a bearish note, dropping by over 3% on Monday and falling to $0.137. The price recovered from this level, as it rose by 4% on Tuesday and then registered a marginal increase of 0.14% on Wednesday, moving to $0.143. Despite the bullish sentiment, DOGE fell back on Thursday, dropping by 1.19% and falling to $0.141. DOGE remained at this level on Friday before pushing up by 1.27% on Saturday and moving to $0.143.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 020422

After pushing up to $0.143 on Saturday, the Dogecoin price fell back on Sunday, dropping by nearly 3% and falling to $0.139. Monday saw DOGE recover as the price pushed up by nearly 2% and moved to $0.141, and then pushed up by 0.56% on Tuesday and moved to $0.142. After reaching this level, the price fell back by nearly 4% and fell to $0.136 before registering another marginal drop during the ongoing session.

We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.141. At this price level, over 82,000 addresses have sold more than 10 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 020422

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had pushed up to $0.151 on the 26th, moving above the 50-bar SMA. After reaching this level, the price fell back below the 50-bar SMA and fell to $0.140, where the 20-bar SMA acted as support. The price continued to drop from this level, falling to $0.138, before recovering and rising above the 20 and 50-bar SMAs, rising to $0.143. The price fell back from this level, slipping back below the 20 and 50-bar SMAs and falling to $0.137 on the 31st. DOGE pushed back up from this level, rising to $0.143, and was able to stay at this level for the next few sessions, thanks to the 20 and 50-bar SMAs acting as support. The price fell below the 20 and 50-bar SMAs on the 2nd, falling to $0.140 and then dropping to its current level of $0.136.

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 020422

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has dropped considerably over the past couple of sessions. If the current sentiment persists, we could see DOGE drop to $0.130.