- Chainanalysis has announced to cover the Dogecoin network in its reports.
- 50 days EMA (Exponential Moving Average – red line) is holding at the $0.2680 level
- Forex trading participants will be looking for a sell stop below the $0.2530 level to the target of $0.2350.
The DOGE/USD is trading sideways below the $0.2716 resistance level. It closed a day at $0.257260 after placing a high of $0.262760 and a low of $0.245430. Dogecoin price prediction is bearish below 0.2716 level, and a bullish breakout of this level can drive a bullish trend in Doge.
If you are interested in trading DOGE/USD with forex robots, check out our guide.
On Wednesday, the DOGE/USD remains flat amid the combination of mixed fundamentals and market sentiment. The market sentiment was under pressure amid a slightly bearish trend in the leading cryptocurrency BTC/USD. That also kept the meme-based coin DOGE lower for the day.
Chainalysis, Inc. to cover dogecoin network in reports
A piece of good news from one of the leading blockchain intelligence companies added strength to DOGE and pushed it higher for the day. A leading blockchain intelligence company, Chainanalysis, has announced that it will cover the Dogecoin network in its reports. This decision came forth amid the rising popularity of the meme-based cryptocurrency prompted by the CEO of Tesla, Elon Musk.
The company argued that the rising popularity of Dogecoin had attracted criminals to the chain. They are now active in using the coin due to its popularity.
In its upcoming reports, Chainanalysis will now include DOGE as well, along with other famous cryptocurrencies. Dogecoin has gone from being a joe meme to becoming one of the most popular currencies in the market. The credit has been given to Elon Musk, who brought the knowledge of Dogecoin to the general audience.
The increased popularity of Dogecoin has also put it in the eyes of criminals and regulators, including internet scammers that use the image of Musk to steal the cryptocurrency from users. The rising number of Dogecoin scams prompted Chainalaysis to take such a decision. The latest scam took $40,000 from users that sent several coins expecting to get double from Tesla’s CEO.
On one side, the rising number of scams added pressure on the meme-based coin, and on the other side, the addition of Dogecoin in upcoming reports from Chainanalysis added support to the coin. Hence, the cryptocurrency remained unchanged and provided flat movement for the day.
Dogecoin Price Prediction- Technical Levels
Support Resistance
0.247540 0.264870
0.237820 0.272480
0.230210 0.282200
Pivot point: 0.255150
Dogecoin Price Prediction- Technical Outlook: Double Top at $0.2715
Dogecoin price prediction is bearish below the $0.2716 level, and a bullish breakout of this level can drive a bullish trend in Doge. On the 2-hour chart, the DOGE/USD is testing the double top resistance level of $0.2715 level, and a bullish breakout of this can extend the bullish trend until the $0.2890 level.
On the 2-hour timeframe, the symmetrical triangle pattern is extending support at 0.2538 level. However, the resistance continues to be at the same level of $0.2716. The 50 days EMA (Exponential Moving Average – red line) is holding at the $0.2680 level, demonstrating a bullish trend in Doge. Whereas the oscillator tool, the Stochastic RSI, has entered the overbought zone.
Still, the breakout of 0.2716 level is likely to offer us an excellent buy opportunity. In case of a bearish breakout of 0.2538 level, there will be a superb sell opportunity until the 0.2350 support level. Therefore, the forex trading participants will be looking for a sell stop below the $0.2530 level to the target of $0.2350. Alternatively, the buying trend can be seen above the $0.2735 level with a target of $0.2895 level. All the best.
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