- Burger King Introduces New Product – Underpins Dogecoin at $0.2000
- Weakness in Greenback Pushes Dogecoin Higher Above $0.2000
- Today’s idea is to look for a buy trade above 0.2035 level to the target of 0.2300.
The DOGE/USD closed at $0.205930 after placing a high of $0.209340 and a low of $0.195320. It rose on Tuesday for the 7th consecutive session amid the recent bullish market sentiment. Dogecoin price forecast remains bullish as the Burger King franchise in Brazil introduced a new type of food made explicitly for canines called the Dogpper.
Burger King Introduces New Product – Underpins Dogecoin at $0.2000
On Tuesday, the Brazil franchise of Burger King announced that the firm was accepting Dogecoin payments for a newly introduced dog biscuit. According to the advertisement, the Dogpper can be purchased with Dogecoin from Burger King for pets. The advertisement also stated that the best way to buy a product aimed at dogs could only be Dogecoin.
On Dogpper, a dog biscuit costs three dogecoins and the customer needs to fill out a registration form for paying. After this, they transfer DOGE to Burger King Brazil’s wallet. Thus, Dogecoin that was already high onboard moved further and remained green for the 7th consecutive session.
Weakness in Greenback Pushes Dogecoin Higher Above $0.2000
The weakness of the greenback also added strength in the DOGE/USD as both have a negative correlation. The U.S. Dollar Index (DXY) fell on Tuesday to 92.32 level. The investors were cautious about placing strong bids before the statement of monthly policy from the U.S. Federal Reserve. The decreasing prices of USD added further strength to the meme-based cryptocurrency on Tuesday.
Bullish Bias in Bitcoin Underpins Dogecoin Demand
The upticks in the Dogecoin were further bolstered after Bitcoin soars to trade around the $40,000 mark. The largest cryptocurrency by market cap value recorded a significant recovery this week.
Bitcoin rose above the $40,000 level on the Bitstamp exchange; $39,850 is the highest level seen since June. However, the reason could be attributed to the reports suggesting that Amazon is starting to accept Bitcoin and few other top-line cryptos soon.
That became one of the key factors that boosted the BTC and Doge prices, respectively. This is why, Dogecoin, as well as the other top 10 cryptocurrencies, are going up, following Bitcoin.
Dogecoin Price Forecast – Technical Levels
Support Resistance
0.197720 0.211740
0.189510 0.217550
0.183700 0.225760
Pivot Point: 0.203530
Dogecoin Price Forecast – Technical Outlook: Upward Trendline Support at $0.1985
Dogecoin price forecast is bullish above 0.1985 level as the upward trendline is providing solid support here. As highlighted in Dogecoin Price Forecast – July 27, the DOGE/USD’s upward channel is still intact and supports at 0.1950 while resistance lingers at 0.2300.
The technical tool Stochastic is still trading in the oversold zone below 20. That is suggesting odds of a bullish correction in the DOGE/USD pair. Whereas the 50 periods EMA (Exponential Moving Average – Red Line) supports a bullish trend at 0.2000 level. The closing of candles above this level indicates a bullish bias in Dogecoin.
The DOGE/USD pair may face resistance at 0.2300, and a bullish breakout can lead the Doge price towards 0.2530 level.
On Wednesday, the DOGE/USD price forecast remains bullish above 0.2035. Therefore, the forex trading participants may look for a buy trade above the 0.2035 level to the target of 0.2300. Alternatively, we may see a selling trend upon breakout of 0.1950 level with a target of 0.1800 and 0.1682 levels. All the best.
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