- Crypto trend reversal seems to drag DOGE/USD lower at $0.1995
- The Investing App, Robinhood, is expected to go public on Thursday, and Dogecoin is supported at $0.1950.
- Today’s idea is to look for a buy trade above 0.1950 level to the target of $0.2150 and $0.2300.
The DOGE/USD closed at $0.203820 after placing a high of $0.232920 and a low of $0.195320. It reached its highest since 7th July on Monday and extended its bullish momentum. It continued its bullish streak for the 6th consecutive session. Dogecoin price forecast remains bullish above 0.1954 and bearish below the same today.
Crypto Trend Reversal Seems to Drag DOGE/USD Lower at $0.1995
Dogecoin followed the prevailing trend in the market and moved higher. Bullish bias was mainly caused by weakness in the U.S. dollar, along with, the positive news on hand regarding crypto.
The comeback of investors into the market pushed Dogecoin by about 10% on the upside. After the surge in bitcoin price, it increased the entire crypto market cap by $1 billion in just 24 hours.
Robinhood, the Investing App Underpins Crypto
The Investing App, Robinhood, is expected to go public on Thursday. It will provide its clients with new crypto services, at some point. They would add more cryptocurrency services like a digital wallet. However, the American financial services company did not specify the time or date to offer new services.
Robinhood, which has almost 18 million users, recently announced that the popular meme-coin named DOGE accounted for about 34% of its trading revenue. It reported a 4% increase in its revenue generated from cryptocurrencies because 30% of revenue came from Dogecoin.
The company officials have warned that a decline in the trading of Dogecoin would negatively impact the company.
Coinbase Commerce Arm to Accept Bitcoin
Dogecoin has been gaining traction from investors since last week. Especially when the commerce arm of Coinbase announced that it had started accepting Dogecoin payments. It means that users will now pay in popular meme coin Dogecoin while using the Coinbase platform.
This move came in a month after the exchange-listed DOGE back in June. The high support attained from many big and famous companies pushed DOGE/USD prices upward recently. Hence, cryptocurrency became popular.
The weakness in the greenback also added further gains in DOGE/USD as DXY dropped to 92.53. It pushed Dogecoin further upward because Dogecoin and the U.S. dollar are negatively correlated.
Dogecoin Price Forecast – Technical Levels
Support Resistance
0.189500 0.225530
0.175180 0.247240
0.153470 0.261560
Pivot Point: 0.211210
Dogecoin Price Forecast – Technical Outlook: Doge Supported Over $0.1950
Dogecoin price forecast is bullish above 0.1950 level as the upward trendline is extending solid support here. On the 4-hour timeframe, the DOGE/USD pair has formed an upward channel that supports DOGE at 0.1950. While resistance stays at 0.2300.
Speaking about the oscillator tool, the Stochastic has entered the oversold zone below 20, suggesting odds of a bullish correction in the DOGE/USD pair.
Alongside, the 50 periods EMA (Exponential Moving Average – Red Line) is supporting a bullish trend. Doge is tossing above and below 50 EMA at 0.1954 level. The closing of candles over this indicates a bullish trend and vice versa.
Taking a look at candlesticks, the DOGE/USD pair has closed a Doji candle at 0.1954 and it indicates weakness in the selling trend. Above this, the pair can bounce off towards 0.2150 and 0.2300.
The DOGE/USD price forecast remains bullish above 0.1950, therefore, the forex trading participants may look for a buy trade above 0.1950 level to the target of 0.2150 and 0.2300.
Alternatively, selling can be seen below 0.1950 level with a target of 0.1800 and 0.1682 levels. All the best.
Looking to buy or trade crypto now? Invest at eToro!
Capital at risk
Share
