Dogecoin Price Prediction: DOGE Slips to $0.13 As Drop Continues

Daily Dogecoin DOGE Technical Analysis

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Last Updated January 24th 2022
3 Min Read
  • The Dogecoin price continued to remain bearish, starting the current week with a drop of nearly 4%. 
  • DOGE had managed a strong recovery on Sunday, rising by nearly 7%. 

The Dogecoin price continued to drop as sellers drove the price down significantly, with DOGE presently at $0.136. DOGE dropped just over 4% on Thursday, falling to $0.155, before registering a drop of 8.51% on Friday, dipping below $0.150 and settling at $0.142. The weekend started in the same bearish vein for DOGE. as the price slumped over 6% on Saturday, dropping to $0.133 on Saturday, before making a recovery on Sunday and ending the weekend on a positive note after pushing to $0.142. 

Dogecoin Price Chart Indicates DOGE Could Drop to $0.135 

The Dogecoin price started the previous weekend on a very bullish note, as DOGE surged by nearly 16% on Friday, moving to $0.198. However, the price fell back by over 7% on Saturday and 4.23% on Sunday to end the weekend at $0.176. Monday saw DOGE continue to drop, as it slipped below the 50-day SMA and settled at $0.170. DOGE continued to drop on Tuesday, falling below the 20-day SMA and settling at $0.164, and then registered a drop of nearly 2% on Wednesday, dropping to $0.161.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 012422

The Dogecoin price continued to drop on Thursday, as it registered a fall of over 4%, dropping to $0.155. Friday saw the price drop even further, as the price fell by 8.51% and settled at $0.142. The weekend started with the bearish sentiment persisting, as the price fell over 6% on Saturday before recovering on Sunday and settling at $0.142. However, the current session sees BTC back in the red, with the price presently down by nearly 4%.

We can see that the MACD is currently bearish, indicating that the price could continue to drop.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.138. At this price level, over 18,000 addresses have sold more than 10 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 012422

The 4-hour Dogecoin price chart shows us that DOGE had slipped below the 200-bar SMA on the 17th, dropping to $0.169. The price continued to drop from this level, slipping below the 50-bar SMA and settling at $0.163 before registering a marginal recovery and then dropping to $0.160. The price pushed back up from this level, pushing above the 20-bar SMA on the 20th, and moving to $0.168. However, the price fell back from this level, slipping below the 20-bar SMA and dropping to $0.150. The price continued to drop, falling to $0.126 on the 22nd, before making a strong recovery and rising to $0.140, before dropping to $0.135. The price pushed back up to $0.142, where the 20-bar SMA acted as resistance, and the price fell back to its current level of $0.136.

We can see that the Parabolic SAR and MACD are still bullish, but if the price continues to drop, we could expect them to turn bearish.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 012422

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we see that DOGE remains bearish during the ongoing session. If the current sentiment persists, we could see the price drop below $0.135.