Dogecoin Price Prediction: DOGE Drops to $0.165, Could Find Support At 20-Day SMA

Daily DOGE Technical Analysis

By
Last Updated January 19th 2022
3 Min Read
  • The Dogecoin price dropped to $0.164 on Tuesday, registering a fall of 3.40%. 
  • The current session sees buyers and sellers looking to take control of the market, with the price at $0.165. 

The Dogecoin price has been bearish since the weekend, when it had dropped over 4% on Sunday, settling at $.176. DOGE continued to drop on Monday, starting the week in the red and dropping below the 50-bar SMA to $0.170. The price continued to drop on Tuesday, falling by 3.40% and settling at $0.164, before registering a marginal increase during the ongoing session and settling at $0.165. 

Dogecoin Price Chart Indicates DOGE Could Find Support At $0.165 

The Dogecoin price started the previous weekend on an extremely bearish note, dropping by 2.65% on Saturday and then dropping by 0.40% on Sunday to end the weekend at $0.150. Monday saw DOGE continue to drop, falling by almost 5% and settling at $0.143, before recovering on Tuesday and pushing up to $0.153. DOGE remained bullish on Wednesday, rising nearly 6% and settling at $0.163m and then pushing past the 20-day SMA on Thursday, settling at $0.171.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 011922

The Dogecoin price continued to push up on Friday, rising by over 7% and moving past the 50-bar SMA to settle at $0.183. The weekend started on a positive note for DOGE, as the price rose by 0.49% but fell back on Sunday, dropping by $0.176, where the 50-day SMA acted as support. SOL slipped below the 50-day SMA on Monday, dropping by 3.45% and moving to $0.170, and then dropping by 3.40% on Tuesday and settling at $0.164. The current session sees DOGE at $0.165, having registered a marginal increase.

We can see that the Parabolic SAR and MACD are both bullish, indicating that the price could recover.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.168. At this price level, over 95,000 addresses have sold more than 11 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 011922

The 4-hour Dogecoin price chart shows us that DOGE had pushed up to $0.171 on the 13th, where the 200-bar SMA acted as resistance. As a result, the price fell back, dropping to $0.162 and then surging past the 200-bar SMA, rising to $0.195. However, the price could not stay at this level and fell back, dropping to $0.183 and then registering a marginal increase and rising to $0.191. After reaching this level, the price turned bearish and slipped back below the 20-bar SMA, dropping to $0.175. DOGE continued to drop from this level, slipping below the 200-bar SMA and settling at $0.167, where the 50-bar SMA acted as support. As a result, DOGE was able to stay at this level for the next few sessions before slipping below the 50-day SMA and dropping to $0.163. Currently, DOGE is at $0.165, and with the Parabolic SAR having flipped to bullish, we could see the price push higher.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 011922

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has made a marginal recovery during the ongoing session. If buyers can retain control of the session, we could see DOGE push towards $0.170.