- Currently, the Dodge coin is trading at a 0.2362 level, facing immediate resistance at the 0.2390 level.
- During the early European session, Dogecoin is trading bearish at the $0.2295 level, losing -3.57% for the day.
- Forex trading participants will be looking for a sell trade below the $0.2390 level to reach the target of $0.2305 and $0.2225
During the early European session, Dogecoin is trading bearish at the $0.2295 level, losing -3.57% for the day. The day before, Dogecoin closed at $0.250700 after reaching a high of $0.254900 and a low of $0.238800. Dogecoin surged for a second consecutive session on Sunday after dropping for five straight sessions. If you are wondering what to expect and where to buy Dogecoin, let’s find out below…
Bullish Crypto Market Sentiment Underpins Dogecoin
Dogecoin followed the leading cryptocurrencies and moved higher over the weekend. Bitcoin was rising due to market optimism after many countries expressed interest in following El Salvador’s lead and making BTC legal tender or legalising payment in BTC. Dogecoin, like other cryptocurrencies, also moved behind leading cryptos and rose over the weekend as it has some correlation with BTC.
Elon Musk provides support for Dogecoin
Another reason behind a sudden surge in DOGE/USD prices was the latest favorable comments from Elon Musk. The CEO of Tesla and SpaceX continued proving that Dogecoin was his favorite cryptocurrency that was started as a joke. The support provided by the famous Tessa and other celebrities turned the joke on those who did not take cryptocurrency seriously.
Recently, Elon Musk posted a picture of his new pet, named Floki, a Shiba Inu dog, and introduced him to his supporters. Following the tweet, Dogecoin recorded a 0.36% surge in a single day. That’s because the cryptocurrency Dogecoin was based on a photograph of a Shiba Inu dog meme. This was not the first time that Musk’s tweets have accidentally caused a surge in Dogecoin’s value.
For the moment, investors are waiting for the US Department of the Treasury to report the Federal Budget Balance. The figure shows a difference in the value of the federal government’s income and spending throughout the course of the previous month.
Dogecoin Price Prediction – Technical Levels
Support Resistance
0.241366 0.257466
0.232033 0.264233
0.225266 0.273566
Pivot Point: 0.248133
DOGE/USD Violates Upward Trendline at $0.2390 – Where to Buy Dogecoin?
The Dogecoin price prediction stays bearish under an immediate resistance mark of $0.2390. Currently, the Dodgecoin is trading at the 0.2362 level, facing immediate resistance at the 0.2390 level. The closing of candles below the 0.2390 level supports a strong selling bias in dogecoins.
On the bearish side, the pair is likely to find immediate support at the 0.2320 level. The bearish breakout of this level can extend the selling trend until the 0.2252 level. On the bullish side, the breakout of the 0.2390 resistance level could expose the currency pair towards the next resistance level of 0.2538. These resistance levels are being extended by 23.6% and 38.2% Fibonacci correction levels, respectively.
The 50 period EMA (exponential moving average – red line) is holding at 0.2390. Dogecoin is closing candles under the 0.2390 mark, which confirms the bearish trend. 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 $0.2390 level to reach the target of $0.2305 and $0.2225. 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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