- Dogecoin price prediction remains mixed as the pair consolidates in a narrow trading range of 0.2815-0.2660 level.
- DOGE price is trading near $0.276784 with a 24-hour trading volume of $1,449,384,247.
- Forex trading participants will be looking for a buy trade above the $0.2805 level to reach the target of $0.2950 and $0.3005.
The DOGE/USD pair failed to stop its early-day downward rally and remained well offered at around $0.27 on the day. The Dogecoin is a popular meme coin that quickly rose to fame after increased hype and support for the coin. The Dogecoin price prediction remains mixed as the pair consolidates in a narrow trading range of 0.2815-0.2660 level.
If you are interested in trading DOGE/USD with forex robots, check out our guide.
DOGE has been a sufferer of market crashes.
Despite this massive growth in the coin, DOGE has been a sufferer of market crashes, leading to a steep correction. However, the recent recovery has helped Dogecoin’s prices. The revival of the Dogecoin Foundation has also rejuvenated investor confidence in the coin. Dogecoin’s volatility has been high this month, and unlike some altcoins, DOGE has failed to maintain its all-time high. The market support has been weakening, attributed to the pullback in Dogecoin’s price action.
We could see DOGE go lower to retest the support of $0.25 if the dip continues. The coin recently tested this support, but market support broke in to prevent a further slump. However, market support is undermining, and if $0.25 is retested again, DOGE could be headed towards an even steeper slump in prices.
The DOGE price is trading near $0.276784 with a 24-hour trading volume of $1,449,384,247. DOGE dropped by 3.05% in the last twenty-four hours. However, the decline in the DOGE/USD pair could be attributed to a lack of market support. The slides could be short-lived if the broader crypto market recovers.
In this case, we could see the coin retest the upper resistance of $0.28. DOGE has been rejected at this level individually, but if it manages to break through, we could see prices push forward to $0.30 and above.
Basketball team to accept payment in Dogecoin
Apart from this, the professional basketball team owned by Mark Cuban started accepting Dogecoin payments in March. This news also helps the Dogecoin prices to limit their deeper losses.
The dollar’s bearish bias was another key factor that kept the DOGE/USD price losses limited on the USD front. On the USD front, the broad-based US dollar failed to stop its early-day bearish rally and dropped to near two-week lows against a basket of currencies on the day. The declines could be attributed to Fed Chairman Jerome Powell’s dovish stance.
Powell provided no clear timeline for asset tapering and interest rate hikes during the previous week’s Jackson Hole symposium. He only suggested that the asset tapering timeline could be “within 2021.” In addition to this, the market’s upbeat mood put some additional burden on the safe-have US dollar prices.
Dogecoin Price Prediction- Technical Levels
Support Resistance
0.274234 0.289534
0.267667 0.298267
0.258934 0.304834
Pivot Point: 0.282967
Dogecoin Price Prediction- Technical Outlook: Downward Trendline Breakout
Dogecoin price prediction remains mixed as the pair consolidates in a narrow trading range of 0.2815-0.2660 level. Closing 4-hour candles above the 0.2815 level could add further buying trends in the DOGE/USD pair. On the bullish side, a breakout of the 0.2815 level could lead the DOGE/USD price towards the next resistance level of the 0.3005 level. In addition to this, the next resistance will prevail around the 0.3200 level.
On the bearish side, the breakout of an immediate support level of 0.2660 could lead the Dogecoin price towards 0.2510. On the 3 hour timeframe, the DOGE/USD has closed a solid bullish candle, supporting a solid buying trend in Doge. Speaking of the 50 day EMA (Exponential Moving Average – red line), it’s held at $0.2805 and suggests a buying trend along with the Stochastic RSI.
Therefore, the forex trading participants will be looking for a buy trade above the $0.2805 level to reach the target of $0.2950 and $0.3005. All the best.
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