Dogecoin Technical Analysis: DOGE Manages To Stay Above $0.14 Despite Marginal Drop In Current Session

Daily Dogecoin DOGE Price Analysis

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Last Updated January 31st 2022
4 Min Read
  • The Dogecoin price has registered a marginal drop during the ongoing session, as buyers and sellers look to establish control. 
  • DOGE has managed to stabilize its recent bearish sentiment, with market watchers hopeful for an upswing in prices. 

The Dogecoin price is marginally down during the ongoing session, as buyers and sellers struggle to control the session. After a relatively volatile session, DOGE had registered a marginal recovery on Wednesday but fell back on Thursday, falling by 1.19% to $0.141. DOGE was back in the green on Friday after a marginal increase, before registering an increase of 1.20% and moving to $0.143 on Saturday, and then dropping back during the ongoing session. 

Dogecoin Price Chart Indicates Buyers And Sellers Looking To Establish Control 

The Dogecoin price started the previous weekend in the red, dropping over 8% on Friday and then registering a drop of over 6% on Saturday and falling to $0.133. However, the price recovered on Sunday, rising by nearly 7% and ending the weekend at $0.142. DOGE fell back in the red on Monday, dropping by 3.31% and falling to $0.137, before recovering on Tuesday, rising by 4.07% and settling at $0.143.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 013122

The Dogecoin price managed to remain in the green on Wednesday after a fairly volatile session that saw it rise by just 0.14%. Thursday saw DOGE back in the red, falling by 1.19%, before moving to $0.141 on Friday. The weekend started with DOGE’s positive sentiment persisting, as the price rose by 1.20% and moved to $0.143 before registering a marginal increase during the ongoing session.

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

IntoTheBlock’s IOMAP for the Dogecoin price shows us that DOGE has strong support at around $0.141. At this price level, 54,000 addresses have bought more than 11.6 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 013122

Looking at the 4-hour Dogecoin price chart, we can see that DOGE had dropped to $0.124 on the 24th. The price made a strong recovery from this level, pushing above the 20-bar SMA and rising to $0.137. The price registered a marginal drop from this level before surging past the 50-bar SMA and settling at $0.151. However, after reaching this level, DOGE turned bearish and dropped back below the 50-bar SMA, dropping to $0.140, where the 20-bar SMA acted as support. ADA stayed above the 20-bar SMA for a couple of sessions before slipping below it and dropping to $0.138 on the 28th. SOL recovered from this level, moving above the 50-bar SMA and rising to $0.143, and then pushing above the 20-bar SMA and moving to its current level of $0.143.

We can see that the Parabolic SAR is currently bearish, indicating that the price could drop. However, if DOGE can recover, we could see it flip to bullish.

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 013122

US-Based Pub Now Accepts Dogecoin After MrBeast Burger 

US-based drinks shop, The Lost Leaf, recently announced it would accept Dogecoin. The firm tweeted:

"We will now accept #Dogecoin $DOGE for payments! 🍺 Much Beer! 

Just scan the qrcode at the bar to pay with your crypto wallet. 1st 3 people gets a Lost Leaf shirt with @nxoeed design!"

Dogecoin co-founder Shibetoshi Nakamoto welcomed the recent development by responding he would love to stop by. 

"how cool! if i'm ever in phoenix, i'll definitely swing by :)"

In the wake of McDonald's recent refusal, the Dogecoin creator dished out tips to fans who want companies to accept Dogecoin saying: 

''Remember if you want companies to accept dogecoin: be cool! people don't listen to jerks, show them why it is beneficial for them! make win-win scenarios. show how engaged and cool the community is, don't act entitled or angry! no one likes that.''

When Elon Musk promised to eat a Happy Meal on television if McDonald's began to take DOGE, the company respectfully declined. But the Tesla CEO's tweet received backing from Burger King's official Twitter page.

MrBeast Burger also appeared interested in accepting Dogecoin after Elon Musk's recent tweet addressed McDonald's. The fast-food company had tweeted:

 ''@elonmusk, if you retweet this, we will work on accepting Dogecoin.''

Billy Markus retweeted MrBeast Burger's message instead of Elon Musk while stating that the DogeArmy is strong enough to get some heavy engagement instead. Dogecoin users keep their fingers crossed on the latest developments surrounding MrBeast burger and BurgerKing's acceptance.

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that DOGE has registered a marginal drop during the ongoing session, with buyers and sellers vying to establish control. If sellers manage to retain the session, DOGE could drop below $0.140. However, if buyers manage to retake the session, we could see DOGE push above $0.150.