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  • The Bureau of Labor Statistics reported that the US economy added only 235,000 jobs in August, a significant disappointment.
  • During the New York session, Dogecoin traded sharply bullish at the 0.2990 level, adding +2.06% for the day.  
  • Forex trading participants will be looking for a buy trade above the $0.2910 level to reach the target of $0.3097 and $0.3215.

During the New York session, Dogecoin traded sharply bullish at the 0.2990 level, adding +2.06% for the day. The day before, the DOGE/USD closed at $0.294700 after placing a high of $0.309100 and a low of $0.291800. The pair surged to its highest since the 24th of August during early trading hours, but failed to sustain its position and reversed during late trading hours. If you are wondering what to expect and where to buy Dogecoin, let’s find out below…

Dogecoin 2.0 underpins Prices – Where to Buy Dogecoin?

The latest decline in Dogecoin prices could be attributed to the increased hype around Dogecoin 2.0, a new dogecoin copycat launched on the Binance Smart Chain Network earlier in May. The price of DOGE2 has skyrocketed because many top crypto exchanges have listed it on their platform.

Within the last 24-hours, Dogecoin 2.0 has gained over 300% in value. It is getting a lot of increased attention despite the warnings from the original Dogecoin Foundation.

The original DOGE Foundation issued a warning against DOGE 2.0 and said that DOGE 2.0 was not affiliated with Dogecoin. The warning entails that the similarity in the names of the two different crypto projects will create confusion among Dogecoin investors. Moreover, it will tarnish the reputation of the original coin if the copied coin happens to have any significant issues.

The Foundation of Dogecoin has requested that DOGE 2.9 developers change the project’s name to remove any confusion between the two. The new name should not be related to Dogecoin as it could jeopardize the rights and reputation of the Dogecoin project. These developments kept DOGE/USD prices on the lower side.

Worse than Expected US Nonfarm Payroll Support DOGE/USD

The Bureau of Labor Statistics has just released the US labor market figures. The economy added only 235,000 jobs in August, a significant disappointment.

Dow Jones polled economists, who estimated that 720,000 new jobs were needed. According to calculations, the jobless rate fell to 5.2 percent from 5.4 percent.

August’s number was the lowest since January, raising concerns about the epidemic and the impact it has increased. Covid cases could have on what has been a largely successful recovery.

The previous two months’ totals were revised significantly higher, with July’s total now standing at 1.053 million, up from the earlier estimate of 943,000. At the same time, June’s total rose to 962,000 from 938,000. Over the course of two months, changes increased the number of people counted by 134,000.

US Nonfarm Payroll – Average Hourly Earnings 

Wages also continued to rise, with an annual increase of 4.3 percent and a monthly increase of 0.6 percent. The percentages were predicted to be 4% and 0.3 percent, respectively.

An alternative measure of unemployment, which includes discouraged workers and those working part-time for economic reasons, decreased dramatically in August, from 9.6% in July to 8.9% in August. 

Weekly jobless claims have declined to their lowest levels since the outbreak began in March 2020, yet there is still a huge employment gap.

What to expect next?

Officials at the Federal Reserve are keeping a careful eye on the jobs data to see if they may begin to scale back some of the policy assistance they’ve been providing since the pandemic began.

In recent weeks, central bank chiefs have voiced confidence in the labor market. However, they have stated that they will need to witness ongoing strength before modifying their stance. For the time being, the Fed’s enormous monthly bond-buying program is at risk, and it could be trimmed back before the end of the year.

However, if job growth slows, Fed members may decide to hold off on tightening until 2022.

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

Dogecoin Price Prediction – Technical Levels

Support Resistance

0.292734 0.296234

0.291467 0.298467

0.289234 0.299734

Pivot Point: 0.294967

DOGE/USD Double Top Resistance Intact at $245 – Where to Buy Dogecoin?

Dogecoin price prediction remains bullish above 50 period EMA support level of 0.2909 level. DOGE/USD consolidates in a tight trading range of 0.3097-0.2910 level. Closing 4-hour candles above the 0.2910 level seems to add further bullish bias for Dogecoin.

On the bullish side, a breakout of the 0.3097 level could lead the DOGE/USD price towards the next resistance level at the 0.3215 level. In addition to this, the next resistance will prevail around the 0.3260 level.

On the bearish side, the breakout of an immediate support level of 0.2910 could lead the Dogecoin price towards 0.2799. On the 2 hour timeframe, the DOGE/USD has closed a solid bullish candle, supporting a buying trend in Doge. Speaking of the 50 day EMA (Exponential Moving Average – red line), it’s held at $0.2910 and suggests a buying trend along with the Stochastic RSI.

Therefore, the forex trading participants will be looking for a buy trade above the $0.2910 level to reach the target of $0.3097 and $0.3215. 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.

Looking to buy or trade crypto now? Invest at eToro!

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