- Dogecoin is trading with a bearish bias at the 0.2768 level, having dipped -2.19% so far on Monday.
- The Dogecoin price prediction remains bearish below the 0.2830 level, and the chances of a bearish trend remain strong.
- Forex trading participants will be looking for a sell trade below the $0.2830 level to reach the targets of $0.2610 and $0.2525.
Dogecoin is trading with a bearish bias at the 0.2768 level, having dipped -2.19% so far on Monday. The day before, the DOGE/USD closed at $0.266967 after placing a high of $0.275714 and a low of $0.262304. The pair declined over the weekend amid the recent hostile environment surrounding the network. The Dogecoin price prediction remains bearish below the 0.2830 level, and the chances of a bearish trend remain strong.
If you are interested in trading DOGE/USD with forex robots, check out our guide.
Authorities are investigating mining scam claims.
According to Turkish media, the authorities were investigating claims of a Dogecoin mining scam that promised users a 100% profit in 40 days. Moreover, the media reported that a scammer known as Turgut V allegedly managed to steal $119 million from investors in Turkey.
The guy and 11 associates are thought to have amassed roughly 350 million Dogecoins worth $119 million from 1500 people before disappearing. The scheme claims to be a cryptocurrency system operating under “Dogecoin mining” and promised a 100% return in 40 days.
The victims reported that the scheme worked well for the first three months. Investors collected the promised return during that time frame. As a result, an increased number of people invested. Later on, when the amount of DOGE substantially increased to 350 million after 1500 people transferred their DOGE to the scheme, Turgut V abruptly shut down the system.
Turgut V. System Shutdown Defrauding $119 million.
After the system shut down, people realized they were defrauded and filed a complaint against Turgut V. The Turkish Terrorism and Organized Crimes Bureau launched an investigation. However, it banned them from leaving the country.
This news affected the cryptocurrency market, adding to the market’s depressing environment. It decreased the value of DOGE/USD over the weekend. The latest warning issued by China’s People Bank related to cryptocurrencies added additional losses to the DOGE/USD.
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 Resistance
The Dogecoin price prediction remains bearish below the 0.2830 level, and the chances of a bearish trend remain strong. The closing of 4-hour candles below the 0.2830 level is adding solid bearish pressure on DOGE/USD. Therefore, the pair can take another dip until the next support levels of 0.2660 and 0.2523.
On the 3 hour timeframe, the DOGE/USD has closed a solid bearish candle that supported a strong selling trend. Speaking of the 50 day EMA (Exponential Moving Average – red line), it’s held at $0.2825 and suggests a selling trend along with the Stochastic RSI.
Therefore, the forex trading participants will be looking for a sell trade below the $0.2830 level to reach the target of $0.2610 and $0.2525. All the best.
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