Dogecoin Technical Analysis: DOGE Continues To Drop, Could Slip Below $0.150

Daily Dogecoin DOGE Price Analysis

By
Last Updated January 21st 2022
3 Min Read
  • The Dogecoin price is currently down by over 2%, as sellers look to drive the price below $0.150. 
  • DOGE has been extremely bearish during the week and had dropped over 4% on Thursday. 

The Dogecoin price has been in the red all week, as sellers look to drive DOGE below $0.150 during the current session. The price had slipped below the 50-day SMA on Monday, dropping to $0.170, and then dropped below the 20-day SMA on Tuesday, dropping over 3% to $0.164. DOGE continued to drop on Wednesday and Thursday, dropping by 1.94% and 4.02%, respectively, and settling at $0.155. The current session sees DOGe at $0.151, with sellers looking to drive the price lower. 

Dogecoin Price Chart Indicates DOGE Could Drop To $0.150 

The Dogecoin price was extremely bullish during the previous week but started it in the red, dropping by almost 5% on Monday. On Tuesday, the price made a strong recovery, rising by 7.48% and settling at $0.153. Wednesday saw an increase of almost 6%, after which DOGE moved past the 20-day SMA on Thursday, rising by 5.28% and settling at $0.171. DOGE surged on Friday, rising by almost 16% and moving to $0.198, before dropping to $0.184 on Saturday, ending the weekend at $0.176, where the 50-day SMA acted as support.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 102122

The Dogecoin price continued to drop on Monday, falling by 3.40%, slipping below the 50-day SMA and settling at $0.170. Tuesday saw DOGE continue to drop, slipping below the 20-bar SMA and settling at $0.164. DOGE remained bearish on Wednesday and Thursday, dropping by 1.94% and 4.02%, respectively. The ongoing session sees DOGE at $0.151, down by over 2%.

We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.168. At this price level, over 14,000 addresses have sold more than 14 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 102122

The 4-hour Dogecoin price chart shows us that DOGE had pushed up to $0.191 on the 15th. However, the price fell back from this level, dropping below the 20-bar SMA on the 16th and settling at $0.178. DOGE continued to drop from this level, falling below the 200-bar SMA and settling at $0.167. The 50-bar SMA was acting as support at this level, and the price pushed up marginally before dropping below the SMA and dropping to $0.160. DOGe stayed at this level for the subsequent few sessions and could move past the 20-bar SMA only on the 20th when the price rose to $0.168. However, after reaching this level, DOGE fell back from this level, dropping back below the 20-bar SMA and moving to its current level of $0.151.

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

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 102122

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we see that DOGE has been extremely bearish during the week and is down over 2% during the current session. If the current sentiment persists, we could see DOGE drop to $0.150 or even below this level.