Dogecoin Price Prediction: DOGE Registers Fairly Positive Start To The Week, Up By Over 1%

Daily Dogecoin DOGE Technical Analysis

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Last Updated February 8th 2022
4 Min Read
  • The Dogecoin price started the week on a positive note and is currently up by over 1%. 
  • DOGE has been relatively bullish in recent sessions and had pushed up by over 7% on Friday. 

The Dogecoin price started the week in the green, as buyers look to push DOGE to $0.160 and higher. DOGE has been quite bullish over the weekend and had surged by over 7% on Friday, rising to $0.147. The price fell back on Saturday, dropping marginally, before recovering on Sunday, rising by almost 5% and settling at $0.154. The current session sees DOGE at $0.156, up by nearly 2%. 

Dogecoin Price Chart Indicates Buyers Looking To Push DOGE To $0.160 

The Dogecoin price started the previous weekend by registering a marginal drop on Friday. However, the price recovered on Saturday, rising by 1.27% before dropping back on Sunday and falling to $0.139. DOGE recovered on Monday, rising by nearly 2%, rising to $0.141, and then pushing to $0.142 on Tuesday after registering a marginal increase of 0.56%. Wednesday saw DOGE fall back in the red, as the price dropped by nearly 4% and settled at $0.136.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 020822

The Dogecoin price registered a marginal increase on Thursday, pushing up by 0.80%, and then surging by over 7% on Friday, pushing past the 20-day SMA and settling at $0.147. The price fell back on Saturday, as DOGE registered a marginal drop before recovering on Sunday, rising by nearly 5% and ending the weekend at $0.154. The current session sees DOGE at $0.156, as buyers look to push the price to $0.160.

We can see that the MACD is currently bullish, indicating that the price could push higher.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE has strong support at around $0.140. At this price level, over 72,000 addresses have bought more than 10 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 020822

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had pushed up to $0.143 on the 1st. The price fell back marginally from this level but recovered thanks to the 20 and 50-bar SMAs acting as support, rising to $0.144. DOGE fell back from this level, dropping below the 20 and 50-bar SMAs and falling to $0.135 on the 3rd. DOGE registered a strong increase from this level, as it surged past the 20 and 50-bar SMAs and rose to $0.147 on the 5th. DOGE fell back from this level, dropping to $0.146, before recovering, surging past the 200-bar SMA and rising to $0.159. The price fell back from this level and dropped to its current level of $0.156.

We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 020822

Dogecoin Community Reaches Major Milestone

The official Twitter account of meme cryptocurrency Dogecoin has recently surpassed three million followers. It’s the second-largest cryptocurrency on the popular social media platform (behind only Bitcoin). 

For comparison, rival meme coin Shiba Inu has 2.7 million Twitter followers. The Dogecoin account has witnessed astonishing growth over the past year, recording a 681% increase in followers. The canine coin’s Reddit community also boasts 2.3 million subscribers. It was the most viewed cryptocurrency-related subreddit of 2021. 

Dogecoin’s popularity exploded in the fourth quarter of 2021 because of its Elon Musk-driven price rally. The Twitter account topped a million followers by the end of April amid an unprecedented retail-driven mania. 

However, this impressive growth stalled after the price of the joke cryptocurrency started crashing in early May. The original meme coin, which was inspired by the Doge meme, was still up almost 5,000% in 2021, easily outperforming the vast majority of other top cryptocurrencies. 

Dogecoin co-founder Billy Markus has also surpassed a million Twitter followers, making him one of the most popular cryptocurrency founders. His account has benefited from frequent interactions with Musk, who boasts a staggering 72.8 million followers. 

Jackson Palmer, the Australian programmer who created the meme token with Markus, has a modest 41,600 followers. Last July, he shocked the cryptocurrency industry in a viral tweet, describing it as “a powerful cartel” run by wealthy individuals.

DOGE Price Is Expected To Reach These Levels

The Dogecoin price chart shows us that DOGE has been quite bullish in recent sessions, having pushed up to $0.156. If buyers retain the session, we could see DOGE push to $0.160. However, if sellers retake the session, we could see DOGE drop to $0.150.