Dogecoin Price Prediction: DOGE Drops After Pushing Past $0.160 On Monday

Daily Dogecoin DOGE Technical Analysis

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Last Updated February 9th 2022
3 Min Read
  • The Dogecoin price is down by over 3% during the ongoing session as sellers drove the price down. 
  • DOGE has been quite bullish in recent sessions and had surged by over 7% on Monday. 

The Dogecoin price has registered a fairly significant drop during the ongoing session, as sellers pushed the price down from $0.165. DOGE had been relatively bullish in recent sessions and had pushed up to $0.147 on Friday. DOGE registered a marginal drop on Saturday before recovering on Sunday and ending the weekend at $0.154. Monday saw DOGE surge by over 7%, and it pushed past the 50-day SMA before dropping back during the current session. 

Dogecoin Price Chart Indicates DOGE Could Slip Below 50-Day SMA 

The Dogecoin price started the previous week on a fairly positive note, rising by 1.27% on Sunday. However, the price fell back on Sunday, dropping by nearly 3% and ending the weekend at $0.139. The price recovered on Monday, rising by nearly 2% and settling at $0.141. Tuesday saw SOL register a marginal increase before dropping back on Wednesday, falling by almost 4% and settling at $0.137.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 020922

After dropping by nearly 4% on Wednesday, the Dogecoin price registered a marginal recovery on Thursday, before surging by nearly 7% on Friday and settling at $0.147. SOL pushed past the 20-day SMA on Saturday but registered a marginal drop before registering a strong recovery on Sunday and ending the weekend at $0.154. DOGE started the week on a fairly positive note, as it reported an increase of over 7%, moving past the 50-day SMA and settling at $0.165 before dropping back during the current session.

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 $0.162. At this price level, over 60,000 addresses have sold more than 10.5 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 020922

The 4-hour Dogecoin price chart shows us that DOGE had moved to $0.144 on the 2nd. After reaching this level, the price fell back, slipping below the 20 and 50-bar SMAs and dropping to $0.135 on the 3rd. The price made a strong recovery from this level, as SOL surged past the 20 and 50-bar SMAs and rose to $0.149 on the 5th. The price fell again, dropping to $0.146 before registering another strong recovery, pushing past the 200-bar SMA and rising to $0.159. DOGE continued to move higher from this level, rising to $0.167 and then dropping to its current level of $0.160.

We can see that the Parabolic SAR has just flipped to bearish, indicating that we could see the price drop.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 020922

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has dropped considerably during the ongoing session. If the current bearish sentiment persists, we could see DOGE drop below $0.160 and fall towards $0.150.