Dogecoin (DOGE) Price Prediction 2022: Will DOGE Recover Its Losses?

Dogecoin price returned to the upside on Tuesday, riding on the momentum provided by the broader market recovery. DOGE was at +1 percent as of this writing

Dogecoin price showed signs of recovery on Tuesday, as the meme coin rode on the wave of the broader crypto market recovery. At press time, DOGE was up by +1 percent, following two days of losses that saw it shed 6.7 percent of its value. This indicates that the meme coin still has bearish undertones.

However, with Bitcoin setting the pace, the upbeat crypto market momentum will likely provide the necessary propulsion for Dogecoin.

DOGE price was valued at 0.1063 at press time, marginally above the 20-SMA on the daily chart. One of the biggest challenges facing Dogecoin is the emergence of alternative hype-driven meme coins minted on Solana’s Pump.fun and Tron’s SunPump platforms.

Notably, “new” meme coins such as PEPE and Dogwifhat have garnered attention, taking some of the spotlight away from OG meme coins, Dogecoin and Shiba Inu. For instance, PEPE price is up by +563 percent YTD while WIF has risen by +1,007 percent. On the other hand, DOGE gas gained +18.4 percent and Shiba Inu price is up by +42 percent YTD.

Momentum indicators

The momentum indicators on the 2-hour Dogecoin price chart show that the buyers have recently taken over the market, but the upward traction is shaky. After spending a significant time on a downward trajectory below the middle Bollinger Band, DOGE price has changed its trajectory to the upside.

The price is on an upward recovery, having broken below the lower band earlier. However, it needs to go above the 20-SMA, corresponding to $0.1079 to establish support for the upward traction. Also, the RSI is 39, signifying a weak hold by the buyers.

Support and resistance levels

On the 30-minute chart, Dogecoin price looks likely to follow an upward trajectory if the price action stays above the 0.1056 pivot mark. With the buyers in control, the first resistance could come at 0.1063. However, extended control could result in a stronger propulsion to break past that mark and test 0.1072.

Conversely, the sellers could take control if the price moves below 0.1056. In that case, we could see the first support at 0.1047. However, extended bearish control at that point will enable a breach below that mark and potentially test 0.1040.

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