• The Dogecoin price prediction remains bearish below the 0.2175 level as the 50-day EMA is extending resistance there. 
• During the early European session, Dogecoin is trading bearish at the $0.2450 level, losing -1.01% for the day.
• Forex trading participants will be looking for a sell trade below the $0.2170 level to reach the target of $0.2004 and $0.1875.

During the early European session, Dogecoin is trading bearish at the $0.2450 level, losing -1.01% for the day. During the early US session, Dogecoin is trading choppy at the $0.2080 level, losing -0.06% for the day. Dogecoin’s price behavior since the beginning of the year appears to be repeating itself. Although there isn’t enough purchasing pressure for DOGE to break out, many on-chain metrics can assist in predicting the asset’s next significant price movement. The Dogecoin price prediction remains bearish below the 0.2175 level as the 50-day EMA is extending resistance there. 

This has been a spectacular year for the original meme cryptocurrency. During a period of market excitement in early May, it hit a new all-time high of $0.74. Despite the minimal volatility experienced in recent months, the asset has returned 4,500 percent year to date.

The daily chart of DOGE illustrates that it frequently consolidates for long periods before breaking out. The creation of falling triangles, which result in exponential price changes, characterizes these standstill periods. Dogecoin, for example, exhibited this technical trend for 26 days before rising 936 percent in late January. After two months of consolidation, the asset had a similar price movement in early April.

Celebrity endorsements underpin Dogecoin

Celebrity endorsements have aided some of Dogecoin’s most notable price moves throughout the course of the year. Such conduct shows that for DOGE to progress further, retail interest must increase. Nonetheless, some critical on-chain measures can assist in determining whether or not buying pressure is increasing.

The number of significant transactions on the network worth more than $100,000 can be used as a proxy for the activity of institutional players and whales. A significant surge in huge transactions could signal that wealthy investors are getting ready for a new bull market.

On the Dogecoin network, 1,560 significant transactions are currently being processed. The number of significant transactions reached an all-time high of 2,520 on September 7, indicating a 38% increase in the number of whales controlling price action. The odds would favour the bulls if this metric began to register a string of higher highs.

The US imposed sanctions on the crypto exchange.

Recent news about the United States imposing sanctions on cryptocurrency exchanges adds to the pressure on cryptocurrencies.In one of its most significant actions to date against a digital asset firm, the US Treasury has imposed penalties on a cryptocurrency exchange. Those exchanges, it claims, allowed ransomware criminals to launder extortion money from victims.

The US Treasury’s Office of Foreign Assets Control imposed restrictions on an exchange called SUEX, which it said “deliberately encouraged unlawful activity for own illicit gains” in collaboration with the FBI.

The measure represents a new step forward in the government’s fight against the epidemic of ransomware assaults. Thus, the hackers capture a company’s systems or data and demand a ransom payment before releasing them.

Moreover, the experts have long advocated for stronger obstacles to prevent cybercriminals from accepting and subsequently laundering ransom payments. These are often made possible by using hard-to-trace cryptocurrencies.

According to the Treasury Department, 40 percent of SUEX’s transactions are tied to illegal actors, and the company has helped launder money from more than eight ransomware versions. SUEX was founded in Prague, Czech Republic, according to its website, and it is “used by thousands of people in Russia, Europe, Asia, and South, and North America,” according to its LinkedIn page. Sanctions prohibit US citizens and businesses from transacting with the organization, with fines as a result.

Dogecoin Price Prediction – Technical Levels

Support Resistance

0.241466 0.250766

0.235533 0.254133

0.232166 0.260066

Pivot Point: 0.244833

Dogecoin Price Prediction – Brace to trade below 50-days EMA

Dogecoin price prediction remains bearish below the 0.2175 level as the 50-day EMA is extending resistance there. Currently, Dogecoin is trading at the 0.2095 level, facing immediate resistance at the 0.2175 level. The formation of candles under the 0.2175 mark supports a robust bearish bias in Dogecoin.

On the 4- hour chart, the DOGE/USD is consolidating in a narrow trading range of 0.2178 – 0.2004 level. The violation of this range may define further trends in Dogecoin prices. The bearish breakout of the 0.20046 level could expose Dogecoin prices towards the 0.1874 level. At the same time, a further bearish breakout of the 0.20046 level exposes the pair towards the 0.1789 level that marks the 2.618% Fibonacci extension level.

On the flip side, a bullish crossover of 0.2178 can lead the DOGE/USD price towards the 0.2302 level. Further, on the higher side, Dogecoin may face the next resistance at the 0.2302 level, which is extended by the previously violated support level. Lastly, the leading technical tool, Stochastic RSI, holds in a sell zone below 20, ensuring a bearish bias among investors.

Therefore, the forex trading participants will be looking for a sell trade below the $0.2170 level to reach the target of $0.2004 and $0.1875. All the best.

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