- During the European session, Dogecoin is consolidating at the 0.2463 level, losing -1% for the day.
- The Dogecoin price prediction remains bearish below an immediate resistance level of $0.265.
- Forex trading participants will be looking for a sell trade below the $0.2651 level to reach the target of $0.2350 and $0.1969.
During the European session, Dogecoin is consolidating at the $0.2560 level, losing -0.44% for the day. The DOGE/USD crypto pair recovered its previous day’s losses and gained fresh, positive traction around the $0.259262 level. Following a pullback in the broader market, Dogecoin had been in a tight collapse in the previous day. If you are wondering what to expect and where to buy Dogecoin, let’s find out below…
Crypto Market Lost Over $300 Billion, Driving Sell in Dogecoin
The broader crypto market has lost over $300 billion in the past 24 hours, and most cryptocurrencies are trading in the red zone just because of this. This pullback has erased most of Dogecoin’s gains. Dogecoin has been facing bearish pressure from the broader crypto market. If these losses continue, we could see DOGE heading towards the next lower support level of $0.22.
This is a critical support for Dogecoin because if it goes below this level, it will retest support levels of $0.18, triggering sell-offs. On the different pages, Dogecoin could make an uptrend if market bulls return. The next resistance for Dogecoin to break out of is $.26, and this will only be achieved if the broader market trend reverses.
The declines in the crypto market appeared after Bitcoin moved back below the $50,000 level. Bitcoin became legal tender in El Salvador, but the country’s citizens had technical problems after the launch, which may have triggered the sell-off. Bitcoin remains under pressure, although it has started a recovery. Now, Bitcoin has recovered some of its losses and is growing above the $43,500 and $45,000 resistance levels. This is a bearish sign for Dogecoin and other cryptocurrencies.
Dogecoin Price Update
The Dogecoin price is trading at $0.257700 with a 24-hour trading volume of $2,520,995,789. Dogecoin has risen by 6.76% in the past twenty-four hours. The reason for the prevalent buying bias surrounding DOGE, on the other hand, could be attributed to the recent recovery in BTC prices. Bitcoin’s price has recovered some of its losses and moved above $45,000 against the US Dollar. BTC is now trying to exceed $47,000, and it could start another decline.
BTC’s price dropped massively towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels. The BTC/USD pair is now trading well below $46,000 and the 100 hourly simple moving average.
Immediate resistance on the upside is near the $47,000 level. The 1st-major resistance is at the $47,500 level. Whereas, a close above the $47,000 level could start a fresh rise in the near term. Furthermore, the next significant barrier for buyers could be near the $48,500 zone. Thus, the recovery bias in the world’s largest cryptocurrency, Bitcoin, positively impacts other cryptocurrencies like Dogecoin.
A stronger US dollar weighs on DOGE/USD.
On the negative side, the broad-based US dollar strength was seen as one of the key factors that kept the lid on any further gains in the DOGE/USD pair. On the USD front, the broad-based US dollar maintained its previous-day upward rally and remained well bid on Thursday as the market’s risk-off mood tends to underpin the US dollar due to its safe-haven allure.
Meanwhile, concerns that the resurgence of COVID-19 cases could derail the economic recovery took their toll on global risk sentiment. This extended some further support to the traditional safe-haven US dollar.
Dogecoin Price Prediction – Technical Levels
Support Resistance
0.209566 0.305266
0.164633 0.356033
0.113866 0.400966
Pivot Point: 0.260333
DOGE/USD Trades Sideways at $0.3570 – Where to Buy Dogecoin?
Dogecoin price prediction stays bearish under an immediate resistance mark of $0.265. Earlier, Dogecoin had disrupted an upward channel on the 4-hours chart. This channel provided strong support at the $0.3170 level. However, the formation of candles below the 0.3000 level signals a strong bearish bias in Dogecoin.
The DOGE/USD is gaining support at the $0.2350 level. Furthermore, the $0.2350 level breakout may extend the bearish trend until the next support mark of $0.1969.
Additionally, the violation of 0.1969 is likely to add further selling pressure until the $0.1694 mark.
The 50 period EMA (exponential moving average – red line) held at 0.2810. Dogecoin is closing candles under the 0.2810 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 $0.2651 level to reach the target of $0.2350 and $0.1969. All the best.
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