DOGE/USD Deep Dive After Getting Rejected $0.2050 – Daily Outlook
The DOGE/USD coin pair has failed to maintain its overnight winning streak and started to flash red during the early European session on the
Arslan Butt•Monday, July 19, 2021•2 min read
The
DOGE/USD coin pair has failed to maintain its overnight winning streak and it started to flash red during the early European session on the day. The Dogecoin is currently trading near $0.179482, with a 24-hour
trading volume of $1,147,799,062. Dogecoin has dropped by 4.27% in the past twenty-four hours.
Dogecoin Slips After Elon Musk’s Tweet
Tesla CEO Elon Musk has updated his Twitter profile picture to a photo of himself with
Doge reflections in his sunglasses. This latest move indicates that Elon Musk has not forgotten about Dogecoin, as some may have feared. It is worth recalling that DOGE climbed more than 10% after Musk updated his Twitter picture to show that he still supports cryptocurrency.
This action by Elon Musk saw the price of the meme-coin move from $0.18 to above $0.203 overnight. However, the cryptocurrency has retraced and is currently trading at $0.176701. The sharp declines we have seen in the
DOGE price could be associated with a stronger US dollar.
DOGE/USD Plunges on the Back of a Stronger Dollar
On the USD front, on Monday, the broad-based US dollar succeeded in extending its early-day upward rally, remaining bullish near its highest levels in months, as the mounting numbers of coronavirus cases raised investor worries about global recovery and sent money into safe havens.
Thus, the upticks in the US dollar were seen as one of the key factors that kept the DOGE/USD coin under pressure. On a different page, Brian Armstrong, CEO of Coinbase, shared his thoughts by tweeting about the statements that Jackson Palmer, co-founder of Dogecoin, released last week.
While Jackson Palmer now has a negative image of the cryptocurrency industry, Brian Armstrong is in the opposite field. To Brian Armstrong, the cryptocurrency industry has its problems, but it still provides an alternative for people who want more economic freedom. However, this statement has not had any meaningful impact on cryptocurrencies as yet.
Dogecoin – DOGE/USD – Technical Analysis
The DOGE/USD is trading bearishly at 0.17756, disrupting the support level of 0.18875. On the lower side, support for the DOGE/USD coin prevails at the 0.169696 level – the same level that supported Dogecoin on June 22 and July 16, making this a double bottom level. Therefore, Doge sellers may have a hard time breaking below the 0.16969 level.
Technically, Dogecoin is in a bearish mode, and we should look for a sell trade below 0.1800 today. On the lower side, 0.16969 could be the immediate target. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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