Dogecoin Price Prediction: Doge completes 161.8% extension; what’s next?

• Dogecoin price prediction remains strongly bearish below the $0.2290 level, having violated the symmetrical triangle pattern at $0.2410. 
• Dogecoin is trading dramatically bearish at the $0.2074 level, losing -10.86% for the day. 
• Forex trading participants will be looking for a buy trade above the $0.1930 level to reach the target of $0.2150 and $0.2290.

During the early European session, Dogecoin is trading dramatically bearish at the $0.2074 level, losing -10.86% for the day. On the day before, the DOGE/USD closed at $0.2333000 after placing a high of $0.241400 and a low of $0.231100. Dogecoin price prediction remains strongly bearish below the $0.2290 level, having violated the symmetrical triangle pattern at $0.2410. 

The DOGE/USD declined on Sunday for the 4th consecutive session amid a rising number of Dogecoin-Killers and the increasing prices of the US dollar. Dogecoin has been declining for the past few days amid the increased popularity of its rival currencies. During last week, Dogecoin dropped by 5.8%; however, its first rival currency Shiba Inu spiked by 21.3% during the same period.

Dogecoin is still the largest meme-based cryptocurrency in market capitalization, and the second leader in the same category is Shiba Inu. Shiba is an ERC20 token that’s been moving up in recent times. 

Apart from Shiba Inu, many other coins named Shiba-Floki, Dogewife, Floki Inu, and more are emerging in the market and rising in value, keeping the price of Dogecoin under pressure lately.

Stronger Dollar Put Weight on the DOGE/USD

The rising prices of the US dollar on Friday added further pressure on the DOGE/USD as they both have a negative correlation. The US dollar was high on board as the greenback reached 93.25level against the basket of six major currencies. 

The dollar traders were hopeful that Fed might mention tapering economic stimulus in its upcoming September meeting and pushed the US dollar higher.

Dogecoin Price Prediction – Technical Levels

Support Resistance

0.228934 0.239234

0.224867 0.245467

0.218634 0.249534

Pivot Point: 0.235167

Dogecoin Price Prediction – Brace to trade a symmetrical triangle at $0.2350

Dogecoin price prediction remains strongly bearish below the $0.2290 level, having violated the symmetrical triangle pattern at $0.2410. Currently, Dogecoin is trading at the 0.2108 level, facing immediate resistance at 0.2150 and 0.2295 levels. 

On the 4- hour timeframe, Dogecoin has closed the “Three Black Crows” pattern below 0.2290 level. The closing of this pattern demonstrates a strong selling trend in Dogecoin, and thus, the odds of a bearish trend will dominate until the 0.1930 level.

On the 4- hour chart, the pair has already violated the symmetrical triangle pattern that supported the pair at 0.2372. For now, the DOGE/USD will be finding resistance at the 0.2372 level. On the bearish side, the pair is likely to find immediate support at the 0.1930 level. The bearish breakout of this level can extend the selling trend until the 0.1788 level. On the bullish side, the breakout of the 0.2250 resistance level could expose the currency pair towards the next resistance level of 0.2291. 

The 50 periods EMA (exponential moving average – red line) is holding at 0.2291. Dogecoin is closing candles under the 0.2291 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 $0.1930 level to reach the target of $0.2150 and $0.2290. All the best.

Where to Buy Dogecoin?

You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.

Looking to buy or trade crypto now? Invest at eToro!

Capital at risk