Dogecoin Technical Analysis: Sellers Looking To Push DOGE Back Below $0.17

Daily Dogecoin Price Analysis

By
Last Updated December 20th 2021
3 Min Read
  • The Dogecoin price pushed up by over 2% on Saturday, moving to $0.17
  • The current session sees buyers and sellers struggling for control, with the price still at $0.17. 

The Dogecoin price has registered a marginal drop during the ongoing session, as sellers look to push the price back below $0.17. DOGE has been quite bearish during the week, with the price registering a drop of over 4% on Thursday. Friday saw DOGE continue to drop, as it fell by 2.60% and settled at $0.16. The weekend saw DOGE post a marginal recovery on Saturday, as the price rose by over 2% and settled at $0.17 before registering a marginal drop during the ongoing session. 

Dogecoin Price Chart Indicates Buyers And Sellers Struggling To Control Session 

The Dogecoin price headed into the previous weekend on a bearish note, dropping by almost 3%. The weekend saw a strong recovery, with the price rising by 2.98% on Saturday and then registering an increase of 0.35% on Sunday to end the weekend at $0.16. However, the price fell back in the red on Monday, falling by over 7% and settling at $0.15. Tuesday saw DOGE surge, as the price rose by over 21%, thanks to the Tesla announcement, with DOGE moving to $0.19.

Image: DOGE/USD daily

Image: DOGE/USD daily chart 122021

After surging by over 21% on Tuesday, the Dogecoin price fell back on Wednesday, dropping by over 5% and settling at $0.18. DOGE continued to drop on Thursday and Friday, falling by 4.37% and then by 2.60%, respectively, to settle at $0.16 on Friday. The weekend saw a recovery of sorts, as DOGE rose by over 2% on Saturday and settled at $0,17 before falling back during the ongoing session.

We can see that the Parabolic SAR and MACD are both bullish, but if the price continues to drop, we could see them flip to bearish.

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 36,000 addresses have sold more than 7 billion DOGE.

Image: IntoTheBlock

Image: DOGE/USD volume chart 122021

The 4-hour Dogecoin price chart shows us that DOGE had dropped to $0.15 on the 13th. The price surged from this level, rising by over 32%, moving past the 20 and 50-bar SMAs and settling at $0.21. However, with the 200-bar SMA acting as resistance, the price dropped, falling to $0.18 and then to $0.17 on the 15th. The 20 and 50-bar SMAs acted as support at this level, and the price rose to $0.18. DOGE stayed at this level for the next few sessions before dropping below the 20 and 50-bar SMAs and settling at $0.16. The price pushed to the 50-bar SMA but was unable to move past it and settled at its current level of $0.17.

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

Image: DOGE/USD 4-hour

Image: DOGE/USD 4-hour chart 122021

DOGE Price Is Expected To Reach These Levels

Looking at the Dogecoin price chart, we can see that buyers and sellers are struggling to control the ongoing session. If buyers retake the session, we could see DOGE settle above $0.17. However, if sellers retain the session, DOGE could drop below $0.17.