Dogecoin Price Prediction: DOGE’s Bearish Week Continues, Slips To $0.15

Daily Dogecoin Technical Analysis

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Last Updated January 6th 2022
3 Min Read
  • The Dogecoin price continued its slide as sellers pushed the price below $0.16. 
  • DOGE has been extremely bearish during the week and had registered a drop of 5.81% on Wednesday. 

The Dogecoin price is currently down by over 2%, as sellers look to drive the price lower. DOGE had started the week in the red, dropping by nearly 3% on Monday. DOGE remained bearish on Tuesday as well, registering a marginal drop before falling by nearly 6% on Wednesday and dropping below $0.16. The current session sees DOGE at $0.15, with sellers controlling the session. 

Dogecoin Price Chart Indicates DOGE Could Slip Below $0.15

The Dogecoin price was in the red at the start of the previous week as well, with DOGE dropping by 0.74% on Monday. The bearish sentiment persisted on Tuesday, as sellers drove the price down by over 7% to $0.17. Wednesday saw DOGE slip below the 20-day SMA, with the price dropping to $0.16. Despite the bearish sentiment, DOGE posted a rise of 1.72% on Thursday but fell back in the red on Friday, falling back by 0.35%.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 010622

After registering a marginal drop on Friday, the Dogecoin price recovered over the weekend, rising by 1.64% on Friday and then by 0.75% on Sunday to end the weekend at $0.17. However, despite the bullish weekend, DOGE fell back in the red, dropping by 2.63% on Monday. The price remained bearish on Tuesday, registering a marginal fall before a drop of nearly 6% on Wednesday saw DOGE drop to $0.16. The current session has seen DOGE slip below $0.16, with the price currently at $0.15.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.17. At this price level, over 120,000 addresses have sold more than 5.9 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 010622

The 4-hour Dogecoin price chart shows us that DOGE had registered a sharp drop on the 31st, falling to $0.16. The price recovered from this level, as it pushed above the 20-bar SMA and moved to $0.17 on the 2nd. With the 20-bar SMA acting as support, DOGE was able to stay at this level for the next few sessions before slipping back below the 20-bar SMA and dropping to $0.16 on the 3rd. With the 20-bar SMA now acting as resistance, ADA was unable to move past this level and fell drastically, dropping to its current position at $0.15.

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

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 010622

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we see that DOGE has been extremely bearish during the current week. If the bearish sentiment persists, we could see DOGE slip below $0.15.