- The Dogecoin price prediction remains neutral amid a symmetrical triangle pattern keeping it between 0.330 – 0.3066.
- The 50 days EMA (Exponential Moving Average – red line) is holding at the $0.3280 level, demonstrating a selling trend in Doge.
- Forex trading participants will be looking for a sell-stop at the $0.3000 level to reach the target of $0.2809.
Dogecoin is trading with a neutral bias at the $0.3120 level, falling -1.79% during the European session. The day before, the DOGE/USD closed at $0.317950 after hitting a high of $0.327890 and a low of $0.312950. The Dogecoin price prediction remains neutral amid a symmetrical triangle pattern keeping it between 0.330 – 0.3066.
If you are interested in trading DOGE/USD with forex robots, check out our guide.
After declining for two consecutive sessions, Dogecoin turned green and recovered some of its losses. Dogecoin started its week on a higher note and moved near the $0.33 level amid the recent rising prices of BTC/USD. However, during the late trading hours, the meme-based cryptocurrency faced some pressure and lost its daily gains.
Bullish Cryptocurrency Market Sentiment Underpins Dogecoin
The whole cryptocurrency market mood improved on Monday after the leading cryptocurrency by market cap, Bitcoin, started surging and reached above the $50,000 level for the first time in 15 weeks.
The rising adoption of bitcoin and developments surrounding its network was helping Bitcoin to gather strength in the market. It pushed the whole cryptocurrency environment higher for the day. Hence, Dogecoin also followed the trend and started moving higher and reached near the $0.33 level.
Dogecoin Foundation Reconstitution Pushes Doge Higher
The rising prices of Dogecoin could also be attributed to the reconstitution of the board members of the Dogecoin Foundation. The group has announced a representative of tech billionaire Elon Musk, Jared Birchall, and the Ethereum co-founder Vitalik Buterin as advisors.
The announcement entails that the Foundation has re-established its board with a renewed focus on supporting the community and ecosystem of cryptocurrency. Besides, they are promoting the future of the Dogecoin blockchain.
The inclusion of Birchall was not surprising as Elon Musk has been a vocal supporter of Dogecoin and has repeatedly promoted the coin on social media. He even named himself “Doge Father.”
About Buterin, he is also a famous crypto personality as he created the Ethereum blockchain, which is the second-largest cryptocurrency by market cap after bitcoin.
Vitalik Buterin has not been as supportive of Dogecoin as Elon Musk has been. However, he once offered to help improve the blockchain functionality of Dogecoin when Elon Musk was asking about ideas to improve it on Twitter.
The news of these two members’ inclusion on the board of the Dogecoin Foundation raised DOGE/USD prices. Investors hope that Dogecoin’s work will be improved, and they have started increasing its demand.
Lastly, it also brought optimism to the network by raising the chances of meeting the expectations of Elon Musk that he would bring this crypto into space. All this positive vibe surrounding the Dogecoin network kept DOGE/USD prices supportive.
Dogecoin Price Prediction- Technical Levels
Support Resistance
0.311304 0.326244
0.304657 0.334537
0.296364 0.341184
Pivot Point: 0.319597
Dogecoin Price Prediction- Technical Outlook: Symmetrical Triangle
The Dogecoin price prediction remains neutral amid a symmetrical triangle pattern keeping it between 0.330 – 0.3066. The closing of 4-hour candles below in between a narrow trading range suggests the odds of a breakout.
On the 4-hour chart, the DOGE/USD faces support at the 0.3060 level, and the resistance continues to hold around the 0.3290 level. As we can see on the two-hourly timeframes, the DOGE/USD is heading lower now. Thus, the breakout of the $0.3060 level could trigger a sell-off until the $0.2800 level.
The 50 days EMA (Exponential Moving Average – red line) is holding at the $0.3280 level, demonstrating a selling trend in Doge. The oscillator tool, the Stochastic RSI, is signaling a selling trend. Therefore, the forex trading participants will be looking for a sell-stop at the $0.3000 level to reach the target of $0.2809. Alternatively, the failure to break below the $0.3060 level could offer us a buy trade until the $0.3250 level. All the best.
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