- Dogecoin has been the topic of discussion due to the support provided by an entrepreneur and the influential CEO of Tesla, Elon Musk.
- 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 buy trade above the $0.2372 level to reach the target of $0.2475 and $0.2540.
During the early European session, Dogecoin is trading bearish at the $0.2450 level, losing -1.01% for the day. The day before, DOGE/USD was closed at $0.247400 after posting a high of $0.248200 and a low of $0.238900. The DOGE/USD extended its gains and rose for a second consecutive session amid improved market sentiment and the weakness in the US dollar. Dogecoin price prediction remains neutral at 0.2417 level, trading in a symmetrical triangle pattern.
As cryptocurrencies are gaining massive attraction from all over the globe, Dogecoin has become a perfect entry point for newcomers to the crypto space, as the price of Ethereum and Bitcoin is very high.
Tesla’s CEO Elon Musk Underpins Dogecoin
Lately, Dogecoin has been the topic of discussion due to the support provided by an entrepreneur and the influential CEO of Tesla, Elon Musk. Recently, an award-winning multi-currency trading platform, PrimeXBT, has announced that it will list seven trending cryptocurrencies on its platform. The list included Dogecoin, Cardano, Polkadot, Solana, XRP, Chainlink, and Uniswap.
The list will join the already existing BTC, ETH, and LTC digital assets and traditional markets consisting of stock indices, forex currencies, commodities, metals, and much more. Dogecoin is one of the seven total altcoins that PrimeXBT added mainly because of the growing interest of institutional and other investors.
Furthermore, the DOGE/USD also moved higher onboard after the US dollar showed weakness for the day. On Wednesday, the greenback was low on the board after investors became cautious about placing strong bids in the market ahead of the Fed’s September policy meeting that is due next week. The DXY dropped to 92.42 and pushed DOGE/USD higher as both have a negative correlation.
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 a symmetrical triangle at $0.2375
Dogecoin price prediction remains neutral at the 0.2417 level, trading in a symmetrical triangle pattern. Currently, Dogecoin is trading at the 0.2442 level, facing immediate resistance at the 0.2541 level. The formation of candles under the 0.2541 mark supports a strong bearish bias in Dogecoin.
On the 4- hour chart, the pair has formed a symmetrical triangle pattern that supports the pair at 0.2372. For now, the DOGE/USD pair may find strong resistance at the 0.2541 level.
On the bearish side, the pair is likely to find immediate support at the 0.2372 level. The bearish breakout of this level can extend the selling trend until the 0.2252 level. On the bullish side, the breakout of the 0.2541 resistance level could expose the currency pair towards the next resistance level of 0.2625. These resistance levels are being extended by 38.2% and 50% Fibonacci correction levels, respectively.
The 50 periods EMA (exponential moving average – red line) is holding at 0.2390. Dogecoin is closing candles under the 0.2390 mark, which confirms the bearish trend. 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 buy trade above the $0.2372 level to reach the target of $0.2475 and $0.2540. All the best.
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