Dogecoin Price Prediction: Buckle Up to Sell Below $0.2800

• The AWS Chicago Organization has announced that it will accept donations in cryptocurrencies.
• DOGE/USD is trading with a bearish bias at $0.2724, falling below a double bottom level of 0.2800 support zone.
• Forex trading participants will be looking for a sell trade below the $0.2800 level to reach the targets of $0.2610 and $0.2525.

The DOGE/USD is trading with a bearish bias at $0.2724, falling below the double bottom level of the 0.2800 support zone. The day before, the Doge closed at $0.292540 after placing a high of $0.296830 and a low of $0.279850. Dogecoin price prediction remains bearish below the double bottom support becomes resistance level of $0.2800.

If you are interested in trading DOGE/USD with forex robots, check out our guide.

Dogecoin recovered some of its previous daily losses on Wednesday after turning green for the day, but soon it slipped back to trading bearish. Previously, the DOGE/USD turned green based on new developments in the network after an animal rescue organization announced that it had started accepting cryptocurrency donations. The move came with a focus on the meme-inspired cryptocurrency that surged massively earlier this year due to rising popularity.

PAWS Chicago Organization to Accept Donations in Cryptos

The PAWS Chicago Organization has announced that it will accept donations in BTC, ETH, and DOGE, along with other cryptocurrencies. PAWS is accepting donations to support its operations ahead of the launch of a new hospital. They help and rescue homeless cats and dogs.

The organization has already provided about 300,000 surgeries to wounded and neutered animals in Chicago to reduce the number of shelter animals being euthanized in the United States. The company has claimed that its surgeries have already reduced the number of euthanized homeless animals in Chicago by 91%.

The CEO of PAWS Chicago, Susanna Homan, said they were eager to connect with the growing cryptocurrency community that wants to help sustain the future of animal welfare in Chicago and save the lives of animals. Eventually, this news added to the value of the meme-based cryptocurrency and pushed DOGE/USD to recover its previous loss for the day.

A Stronger US Dollar Drags DOGE/USD Lower

Earlier, the gains in DOGE/USD were also supported by the declining prices of the US dollar, as both have a negative correlation. The US Dollar Index (DXY) that measures the greenback’s value against the basket of six major currencies fell to 92.8. Therefore, it weighed on the greenback amid the cautious behavior of investors ahead of the Jackson Hole symposium.

A few minutes ago, the Bureau of Economic Analysis released the Prelim GDP q/q for the US. According to the Bureau of Economic Analysis’s “second” estimate, real gross domestic product (GDP) expanded at an annual rate of 6.6% in the second quarter of 2021. Real GDP climbed by 6.3% in the first quarter. Although GDP has missed economists’ forecast of 6.7%, it’s still above the 6.5% figure beforehand. Thus, the dollar is gaining strength and dragging the DOGE/USD lower.

Dogecoin Price Prediction- Technical Levels

Support Resistance

0.282650 0.299630

0.272760 0.306720

0.265670 0.316610

Pivot Point: 0.289740

Dogecoin Price Prediction- Technical Outlook: Double Bottom Breakout

The Dogecoin price prediction remains bearish below the double bottom support becomes resistance level of $0.2800. The closing of 4-hour candles below the 0.2800 level is adding solid bearish pressure on DOGE/USD. Therefore, the pair can take another dip until the next support level of 0.2523.

On the 3 hour timeframe, the DOGE/USD has closed the “Three Black Crows” pattern that supported a strong selling trend. Speaking of the 50 day EMA (Exponential Moving Average – red line), it’s held at $0.2950 and suggests a selling trend along with the Stochastic RSI.

Therefore, the forex trading participants will be looking for a sell trade below the $0.2800 level to reach the target of $0.2610 and $0.2525. All the best.

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