- During the early European session, Dogecoin is trading bearish at the $0.2366 level, scoring +0.59% for the day.
- In August, the NFIB Small Business Optimism Index improved 0.4 points to 100.1.
- 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 $0.2366 level, scoring +0.59% for the day. The day before, DOGE/USD closed at $0.235800 after hitting a high of $0.252100 and a low of $0.228700. It reversed its course and dropped again, following the recent market trend. If you are wondering what to expect and where to buy Dogecoin, let’s find out below…
DOGE/USD is under pressure as a result of a Dogecoin fork.
The DOGE/USD is facing pressure from the emergence of new Dogecoin copycats as their prices are skyrocketing again. The recent addition of a new dog in the Musk family named Floki has caused a fluctuation in cryptocurrency, especially the Shiba Floki token.
The hype around the mem-coins and Elon Musk’s role in pushing their prices have been driving meme-based crypto prices for many months. The digital asset industry has been facing controversial moments, especially after the creation of meme-based coins.
Dogecoin was created in 2013 as a joke and has surged in popularity this year, mainly because of the hype created by Elon Musk and liked by Mark Cuba, Snoop Dogg, and more.
Recently, Musk revealed that he had bought a new Shiba Inu dog named Floki, and shortly after this announcement, a new token containing the same name started to emerge in the market.
The first one was Floki Inu, a new crypto coin birthed by fans and members of the Shiba Inu community. The price of FLoki Inu moved up by 110%. The second one was Shiba Floki, whose price skyrocketed by 1000% in such a short time.
Some more tokens named Floki Shiba, Super Floki, and BabySpaceFloki have also emerged on the market. The emergence of more meme-based coins increased the competition for Dogecoin and weighed on its prices, which dragged DOGE/USD down.
Stronger NFIB Small Business Index Underpins Greenback
During the European session, the NFIB released the NFIB Small Business Index data. In August, the NFIB Small Business Optimism Index improved 0.4 points to 100.1. Five of the ten Index components increased in value, four decreased in value, and one remained stable. The NFIB Uncertainty Index fell seven points to 69 in January 2016, the lowest level since January 2016.
Dogecoin Price Prediction – Technical Levels
Support Resistance
0.225634 0.249034
0.215467 0.262267
0.202234 0.272434
Pivot Point: 0.238867
DOGE/USD Breaks Below Symmetrical Triangle at $0.2380 – Where to Buy Dogecoin?
The Dogecoin price prediction stays bearish under an immediate resistance mark of $0.2390. Currently, Dogecoin is trading at the 0.2374 level, facing immediate resistance at the 0.2390 level. The formation of candles under the 0.2390 mark supports a strong bearish bias in Dogecoin.
On the 4- hour chart, the pair has violated the symmetrical triangle pattern that supported the pair at 0.2390. For now, the DOGE/USD pair may find strong resistance at 0.2390.
On the bearish side, the pair is likely to find immediate support at the 0.2289 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 periods 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, ensuring 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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