Dogecoin Technical Analysis: DOGE Looks To Stay Above $0.17

Daily Dogecoin Price Analysis

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Last Updated December 31st 2021
3 Min Read
  • The Dogecoin price pushed above $0.17 on Thursday, when it rose by nearly 2%. 
  • The current session has seen a marginal increase as buyers look to push the price higher. 

The Dogecoin price is looking to stay above $0.17, as buyers pushed the price up marginally during the ongoing session. DOGE had started the week in the red, dropping by 0.74%. Tuesday saw an even bigger drop, as DOGE dropped by 7.50%, going below the 20-day SMA and settling at $0.17. DOGE continued to drop on Wednesday, falling by over 3%, before recovering on Thursday and rising by nearly 2%, pushing to $0.17. 

Dogecoin Price Chart Indicates Buyers And Sellers Struggling To Control Session 

The Dogecoin price started the previous week on a bearish note, registering a marginal drop on Monday. However, the price pushed back on Tuesday, rising by nearly 2% and settling at $0.17. Wednesday saw DOGE register another increase, as the price rose by 1.35%, where the 20-day SMA came into play as resistance. However, DOGE pushed past this level, rising by nearly 7%, settling at $0.18, and then registering another increase of 0.86% on Friday.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 123121

The Dogecoin price continued to increase on Saturday, rising by over 2% and moving to $0.19. However, the price fell back on Sunday, dropping back to $0.18, ending the weekend on a bearish note. DOGE remained in the red on Monday, falling by 0.74%, and then dropped by 7.50% on Tuesday, slipping below the 20-day SMA and settling at $0.17. DOGE continued to remain bearish on Wednesday, falling by over 3%, but recovered on Thursday, pushing up by nearly 2% and moving back to $0.17. The current session sees buyers and sellers struggling to control the session, and with the Parabolic SAR currently bullish, we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Dogecoin price, we can see that DOGE faces strong resistance at around $0.18. At this price level, over 64,000 addresses have sold more than 10 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 123121

The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.18 on the 26th, slipping below the 200-bar SMA. The price recovered from this level, pushing back above the 200-bar SMA and rising to $0.19 on the 27th. However, after reaching this level, DOGE turned bearish, slipping below the 20 and 200-bar SMAs and falling to $0.18. The price continued to drop, going below the 50-bar SMA and settling at $0.16 on the 30th. The price pushed up from this level, rising to $0.17 before registering a marginal drop.

We can see that the MACD is currently bearish, indicating a price drop. However, if the price recovers, we could see it flip to bullish.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 123121

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that buyers and sellers are struggling for control of the market during the ongoing session. If buyers retain control, we could see DOGE settle above $0.17. However, if sellers retain control, the price could slip back below $0.16.