Dogecoin Technical Analysis: DOGE Back Above $0.15 After Marginal Recovery

Daily Dogecoin Price Analysis

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Last Updated January 10th 2022
3 Min Read
  • The Dogecoin price has registered a marginal recovery during the ongoing session. 
  • DOGE had been extremely bearish during the previous week, ending the weekend on a bearish note. 

The Dogecoin price has posted a marginal increase during the current session, as market watchers hope for a positive week. After a sharp drop on Wednesday, DOGE had registered a marginal recovery on Thursday. However, the price fell back in the red on Friday, dropping by over 3%. The weekend saw DOGE continue to drop, falling by 2.65% on Saturday and then registering a marginal drop on Sunday to end the weekend at $0.15 before pushing up during the current session. 

Dogecoin Price Chart Indicates Buyers Could Push DOGE To $0.16 

The Dogecoin price was quite bullish during the previous weekend, rising by 1.64% on Saturday and then by 0. 75% on Sunday to end the weekend at $0.17. However, DOGE fell back in the red on Monday, falling by 2.63%. The price continued to drop on Tuesday, falling by 0.76% and slipping to $0.16, before a drastic drop of nearly 6% took DOGE to $0.15. Despite the prevailing bearish sentiment, DOGE was able to register a marginal recovery on Thursday.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 011022

After registering a marginal recovery of 0.88% on Thursday, the Dogecoin price fell back in the red on Friday, dropping by 3.37%. DOGE continued to drop over the weekend, falling by nearly 3% on Saturday, before registering another marginal drop on Sunday and ending the weekend at $0.15. The current session has seen a marginal recovery, as buyers look to push DOGE above $0.15.

We can see that the MACD is currently bearish, but if DOGE continues to push higher, we could see it flip to bullish.

IntoTheBlock’s IOMAP for the Dogecoin price shows us that DOGE faces strong resistance at around $0.17. At this price level, over 81,000 addresses have sold more than 4.5 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 011022

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had registered a significant drop on the 5th, falling over 6% and settling at $0.15. The price continued to drop from this level before rising and moving to $0.16 on the 6th. DOGE was unable to stay at this level and registered a sharp drop, falling back to $0.15 on the 7th. DOGE registered a marginal increase from this level, but with the 20-bar SMA coming into play as resistance, fell back, dropping to $0.14 on the 8th, before rising and moving to its current level of $0.15.

We can see that the MACD is currently bullish, and if DOGE can move past the 20-bar SMA, we could see the Parabolic SAR flip to bullish as well.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 011022

DOGE Price Is Expected To Reach These Levels

The Dogecoin price chart shows that DOGE has registered a marginal recovery during the current session. If buyers can retain control of the market, we could see DOGE push past $0.15.