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  • Dogecoin came under pressure from the emergence of Dogecoin 2.0, a copied coin of DOGE which surged rapidly in only a few days. 
  • During the European session, Dogecoin is consolidating at the $0.2473 level, losing -2.01% for the day. 
  • Forex trading participants will be looking for a sell trade below the $0.2510 level to reach the target of $0.2350 and $0.1969.

During the European session, Dogecoin is consolidating at the $0.2473 level, losing -2.01% for the day. The day before, the DOGE/USD pair ended at $0.252500, having reached a high of $0.259300 and a low of $0.249100. Moreover, the pair fell for the fourth consecutive session as more DOGE copy-coins entered the market. If you are wondering what to expect and where to buy Dogecoin, let’s find out below…

Dogecoin 2.0’s Rapid Surge Puts Pressure on Dogecoin

During last week, Dogecoin came under pressure from the emergence of Dogecoin 2.0, a copied coin of DOGE which surged rapidly in only a few days. The creators and developing team of Dogecoin criticised the coin and urged their founders to change the name to avoid confusion. If they keep the same name, investors could relate the coins given their same names. Additionally, any error or negative development in the second coin could also hurt the original DOGE coin’s reputation.

As Dogecoin was recovering from this, the flash crash happened and took a toll on DOGE prices. When the effects of the flash crash cooled down, Dogecoin came under pressure as another copied-coin entered the market named Wifedoge.

The cryptocurrency, which was launched last July as the wife of Dogecoin and the clone of DOGE, has shown about 3000% growth in just one day this week. The cryptocurrency exceeded 2.32 million dollars in market capitalization in a single day.

Wifedoge emerged as a parody of Dogecoin, which was originally inspired by the meme to parody Bitcoin. The creators of Wifedoge claimed that the value of each wifedoge would be equal to one DOgecoin during this week. The surprising rally in its prices added to pressure on DOGE prices. 

Furthermore, the creators have also said that they would reserve 5% of the Wifedoge units for Elon Musk. The creators have said that these coins will be given to Elon Musk; otherwise, this 5% of the tokens will remain forever blocked.

The Bureau of Labor Statistics reports a slight surge in PPI m/m

According to the US Bureau of Labor Statistics, the seasonally adjusted Producer Price Index for final demand gained 0.7 percent in August. In July, final demand prices increased by 1.0 percent, the same as in June. 

The final demand index increased 8.3% in the 12 months ended in August, the highest increase since 12-month statistics were first collected in November 2010. Prices for final-demand services increased by 0.7 percent in August, resulting in an increase in the final demand index. The index of final demand for goods increased by 1.0 percent.

Where to Buy Dogecoin?
DOGE/USD 4-Hour Chart

Dogecoin Price Prediction – Technical Levels

Support Resistance

0.247966 0.258166

0.243433 0.263833

0.237766 0.268366

Pivot Point: 0.253633

DOGE/USD Trades Sideways at $0.2460 – Where to Buy Dogecoin?

The technical side of Dogecoin hasn’t changed a lot lately as it’s been consolidating in narrow ranges lately. The Dogecoin price prediction stays bearish under an immediate resistance mark of $0.265.

On the 2 hour chart, the Dogecoin has completed the 38.2% Fibonacci retracement at the 0.2540 level. A bullish breakout of this level can extend the buying trend until the next resistance levels of 0.2665 and 0.2798, marking 50% and 61.8% of the Fibonacci levels, respectively.

Dogecoin can gain immediate support at the 0.2388 level, which marks a 23.6% Fibonacci retracement level on the bearish side. The breakout of the 0.2388 level exposes the Dogecoin price towards the 0.2132 level. The 50 period EMA (exponential moving average – red line) was held at 0.2510. Dogecoin is closing candles under the 0.2510 mark, which confirms the bearish trend. Currently, Dogecoin is trading in a tight trading range of 0.2650 – 0.2350. The violation of this range is expected to determine further trends in the pair.

Lastly, the leading technical tool, Stochastic RSI, holds in a sell zone below 20, confirming a bearish bias among investors. Therefore, the forex trading participants will be looking for a sell trade below the $0.2510 level to reach the target of $0.2350 and $0.1969. 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.

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