Dogecoin Price Prediction: DOGE Remains In The Red As Bearish Sentiment Persists

Daily Dogecoin DOGE Technical Analysis

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Last Updated February 18th 2022
3 Min Read
  • The Dogecoin price is marginally down during the ongoing session, as selling pressure could force DOGE to slip below the 20-day SMA. 
  • DOGE has been relatively bearish during the week but had registered a strong increase on Tuesday, rising by over 4%. 

The Dogecoin price remained in the red during the ongoing session, as sellers continued to push the price lower. DOGE had started the current week on a fairly bearish note, dropping by 1.49% on Monday and slipping below the 20-day SMA. However, DOGE recovered on Tuesday, rising by over 4% and moving to $0.152. DOGE fell back on Wednesday, dropping to $0.148, before dropping below the 20-day SMA during the ongoing session. 

Dogecoin Price Chart Indicates DOGE Could Drop To $0.140 

The Dogecoin price started the previous week on a fairly bullish note, rising by over 7%, pushing above the 50-day SMA, and settling at $0.165. DOGE fell back on Tuesday, dropping by 4.29% and going back below the 50-day SMA to $0.158. DOGE could only register a marginal increase on Wednesday before dropping back on Thursday, falling by over 4% and settling at $0.152. DOGE remained in the red on Friday, as the price fell by almost 4%, dropping to $0.146, where the 20-day SMA acted as support.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 021822

The weekend saw the Dogecoin price slip below the 20-day SMA, as DOGE fell to $0.144, before recovering on Sunday and rising to $0.148, pushing back above the 20-day SMA. DOGE fell back on Monday, falling to $0.145, before recovering on Tuesday, rising by over 4%, pushing back above the 20-day SMA, and settling at $0.152. On Wednesday, the price was back in the red, dropping by just over 2%, before slipping back below the 20-day SMA during the ongoing 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 53,000 addresses have sold more than 8 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 021822

The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.154 on the 10th. The price continued to fall from this level, slipping below the 200-bar SMA, before making a marginal recovery and moving to $0.153, back above the 200-bar SMA. The price fell back from this level, dropping below the 200 and 50-bar SMAs and falling to $0.143 on the 13th. DOGE made a strong recovery from this level, surging past all three SMAs and rising to $0.154. However, the price turned bearish after this, dropping back below all three SMAs and falling to $0.144 on the 14th. DOGE made a strong recovery from this level, rising above the 20-bar SMA and moving to $0.152 before dropping back below the 20-bar SMA to its current level of $0.147.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 021822

DOGE Price Is Expected To Reach These Levels

The Dogecoin price chart shows us that DOGE has dropped considerably over the past couple of sessions. If the current bearish sentiment persists, we could see DOGE drop towards $0.140.

Read More: Is It Worth Investing In Dogecoin?