- Dogecoin price prediction remains bullish as it rushed for the 5th straight week to trade at the $0.3488 level.
- Twitter reported thousands of tweets mentioning this hashtag, whereas Tiktok also reported about 8.2 million people’s views.
- Forex trading participants will be looking for a buy limit at the $0.3145 level to the target of $0.3495 and $0.3809 levels.
The DOGE/USD closed at $0.340250 after placing a high of $0.348830 and a low of $0.286880. The Dogecoin surged for seven consecutive sessions on Sunday and continued with its bullish trend to reach its highest since 6th June. Dogecoin price prediction remains bullish as it rushed for the 5th straight week to trade at the $0.3488 level.
If you are interested in trading DOGE/USD with forex robots, check out our guide.
Dogecoin Ecosystem’s Positive Developments Underpin DOGE/USD
The DOGE/USD pair is supported amid recent social media hype and some positive developments surrounding the Dogecoin ecosystem. Dogecoin rose about 17% during the last 24 hours, and for the week, the meme-based cryptocurrency showed a growth of over 32%. The recent social media hype followed the surge in dogecoin prices. Famous social media platforms like Facebook, Twitter, and Tiktok saw many users spreading the trending hashtag # dogecointo1dollar. Following this trend, many other meme-based coins, including Shiba Inu, also saw a surge in their value.
On Sunday, the supporters of Dogecoin took DOGE/USD prices upward after the trend # dogecointo1dollar picked up the pace on Facebook, Twitter, and Tiktok. Twitter reported thousands of tweets mentioning this hashtag, whereas Tiktok also reported about 8.2 million people’s views. Meanwhile, on Facebook, nearly 1000 profiles used the # dogecointo1dollar hashtag on Sunday as well. This trend pushed Dogecoin near the 0.35 level on Sunday and helped DOGE/USD post its biggest daily gain in more than a month.
Dogecoin is an Influential Cryptocurrency in Payment
Tesla CEO Elon Musk, Shark Tank star, and NBA team Dallas Mavericks, Mark Cuban, affirmed that Dogecoin is the most robust cryptocurrency in payment for goods and services. Cuban said that the community for DOGE was the strongest when using the coin as a medium of exchange.
In response to this, the self-proclaimed DogeFather, Elon Musk, said he has been saying the same for a while. He acknowledged that Dogecoin was the most robust cryptocurrency in payment mechanisms for everyday goods and services. These comments from big and famous crypto celebrities added further gains to DOGE/USD on Sunday.
Furthermore, the English Premier League football players of the Watford Football Club will be wearing the Dogecoin logo on their sleeves as the sponsor of Watford’s shirt sleeves for the 2021-22 season will be the cryptocurrency Dogecoin.
This initiative was a part of a sponsorship deal with the gambling company Stake.com with a value of $1million. During the 2019-20 season, the company promoted the Bitcoin logo on its shirts as part of a sponsorship deal, and now it will support Dogecoin. This news added further gains to DOGE/USD and pushed its prices higher towards the $0.35 level.
Dogecoin Price Prediction- Technical Levels
Support Resistance
0.301810 0.363760
0.263370 0.387270
0.239860 0.425710
Pivot Point: 0.325320
Dogecoin Price Prediction- Technical Outlook: Upward Trendline to Support DOGE at 0.3145
The Dogecoin price prediction is bullish above a strong support level of $0.3145 level. The closing of 4-hour candles above the 0.3145 level demonstrates bullish bias among investors.
On the 4-hour chart, the DOGE/USD has closed with bullish engulfing candles supporting an upward trend. The pair’s support prevails at 0.3145, and a breakout of an upward trendline could extend the selling trend to the 0.2894 level.
On the bullish side, the resistance stays at the 0.3495 level, and the bullish crossover of the 0.3495 level can extend the buying trend to the 0.3809 level. The 50 days EMA (Exponential Moving Average – red line) is holding at the $0.3145 level, demonstrating a bullish trend in Doge. Whereas the oscillator tool, the Stochastic RSI, is held in a buying zone.
Therefore, the forex trading participants will be looking for a buy limit at the $0.3145 level to the target of $0.3495 and $0.3809 levels. Alternatively, the buy stop can be placed above the $0.3500 level with a target of the $0.3800 level. All the best.
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