Dogecoin Technical Analysis: DOGE Drops By Over 5% on Thursday, Slips Below $0.17

Daily Dogecoin Price Analysis

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Last Updated December 10th 2021
3 Min Read
  • The Dogecoin price registered a sharp fall on Thursday, as prices marketwide fell. 
  • The current session sees DOGE post a marginal recovery as it tries to get back to pre-drop levels. 

The Dogecoin price registered an increase of 3.67% on Monday, as it rose to $0.17. However, it fell back on Tuesday, falling by 0.67%, before pushing up again on Wednesday, and registering an increase of 1.19%. The price then registered a sharp drop on Thursday, as it fell by 5.54% and settled at $0.16 before recovering during the ongoing session. 

Dogecoin Price Chart Indicates DOGE Looking To Push Past $0.17 

The Dogecoin price started the previous week on a reasonably bullish note but fell back on Tuesday, as it registered a marginal drop, settling at $0.21. The price continued to drop on Wednesday, falling by 2.56% and settling at $0.20, before registering another marginal drop on Thursday. Friday saw a more significant drop as sellers took over the market, pushing DOGE down by 4.54% to $0.19. The selloff intensified on Saturday, with the price dropping by over 10% to $0.17.

Image: DOGE/USD daily chart 121021

Image: DOGE/USD daily

The Dogecoin price continued to drop on Sunday, as it fell by over 4%, before recovering on Monday when it rose by 3.67%. The price dropped marginally on Tuesday but pushed back again on Wednesday, registering an increase of 1.19%. However, Thursday saw a significant drop in price as DOGE fell by over 5% and fell to $0.16.

The current session has seen a marginal increase. We can also see that Parabolic SAR is currently bearish, indicating a price drop.

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 40,000 addresses have sold more than 10 billion DOGE.

Image: DOGE/USD volume chart 121021

Image: IntoTheBlock

The 4-hour Dogecoin price chart shows us that DOGE had dropped significantly on the 4th, with the price tumbling to $0.15. However, the price recovered from this level, rising to $0.18, before dropping to $0.16 on the 6th. The price pushed above the 20-bar SMA on the 7th, rising to $0.18, but then fell back to $0.17. With the 20-bar SMA now acting as support, DOGE maintained this level until the 9th, when the price slipped below the 20-bar SMA, dropping to $0.17 and then falling further to its current level of $0.16.

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

Image: DOGE/USD 4-hour chart 121021

Image: DOGE/USD 4-hour

“Dogecoin” And “Ethereum” Are Top 10 Google Searches in 2021

Inflation and economic uncertainty have been on the rise in 2021. As a result, the growth of the crypto market has resulted in two cryptocurrencies making it into the top ten trending news-related topics on Google Search in 2021.

Dogecoin (DOGE) and Ethereum (ETH) featured in the top 10 trending news-related topics in 2021, with DOGE ranking fourth, and the search term ‘Ethereum price’ in the tenth position as traders and investors look for alternatives to traditional markets.

Every year in December, Google releases a list of the most frequently searched queries on its platform and a breakdown of the most popular searches by nation. Notably, Afghanistan, AMC stock, COVID vaccine, GME stock, Stimulus check, Georgie Senate Race, Hurrican Ida, and COVID make up the remainder of the other searches. 

Dogecoin’s surge in 2021 was inspired by celebrities, including Tesla CEO Elon Musk, who pushed the asset on Twitter. Redditors behind the GameStop pump shifted their attention to Dogecoin, resulting in a huge spike in trading volume among cryptocurrency traders. 

In the beginning, the crypto community did not take DOGE seriously until it soared by an incredible 800% in less than a day, causing widespread consternation.

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE faces strong resistance at around $0.17. If buyers can pierce this resistance level, we could see DOGE push to $0.18. However, if the price drops, then DOGE could drop to $0.16 or below.