Dogecoin Price Prediction: DOGE Drops To $0.17 After Bearish Session

Daily Dogecoin Technical Analysis

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Last Updated December 29th 2021
3 Min Read
  • The Dogecoin price has registered a significant drop during the ongoing session and is currently down to $0.17. 
  • DOGE had been quite bullish leading up to Sunday and had risen to $0.19 on Saturday. 

The Dogecoin price fell back significantly during the ongoing session, as sellers drove the price down significantly. DOGE is currently down by over 7%. DOGE had started the weekend in the green, rising by over 2% and settling at $0.19. However, DOGE was back in the red on Sunday, registering a drop of 0.63% and then falling by 0.74% on Monday to settle at $0.18 before falling back significantly during the current session. 

Dogecoin Price Chart Shows Us That Sellers Control Ongoing Session 

The Dogecoin price started the previous weekend in the green, registering an increase of just over 2%. However, DOGE fell back in the red on Sunday, dropping by nearly 2% and settling at $0.016, before registering another marginal drop of $0.95 on Monday. The price recovered after reaching this level, rising by nearly 2% on Tuesday and then settling at $0.17. Wednesday saw another increase as DOGE registered an increase of $1.35%.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 122921

After registering an increase of 1.35% on Wednesday, the Dogecoin price continued to push up, rising by nearly 7% on Thursday and settling at $0.18. DOGE continued to push higher from this level, as the price rose by 0.81% on Friday. The weekend was mixed for DOGE, as the price pushed up by over 2% on Saturday before dropping back in the red on Sunday, registering a marginal drop. The price continued to drop on Monday, registering a marginal drop before falling back significantly during the ongoing session.

We can see that the Parabolic SAR is currently bullish, 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 $0,18. At this price level, over 52,000 addresses have sold more than 10 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 122921

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had surged past the 50-bar SMA on the 22nd. The price fell back from this level, registering a marginal drop, before pushing to $0.18 and then going past the 200-bar SMA on the 24th, when the price rose to $0.19. DOGE was able to stay at this level, thanks to the 200-bar SMA acting as support, and then dropped to $0.18. The price pushed back up from this level, using the 20-bar SMA as support, rising to $0.19. However, after reaching this level, DOGE fell drastically, dropping below all three SMAs and settling at its current level of $0.17.

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

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 122921

DOGE Price Is Expected To Reach These Levels

After looking at the Dogecoin price chart, we see that DOGE has fallen back significantly during the current session. If sellers are able to push DOGE below the 20-day SMA, we could see the price drop below $0.17. However, there is a chance that the price could make a slight recovery, rising to $0.18.