Dogecoin Price Forecast – DOGE/USD Sideways Trading in Play – 50 EMA Supports
Arslan Butt•Monday, June 7, 2021•2 min read
The DOGE/USD remained flat throughout the day, showing no movement, after having fallen for two consecutive sessions over the weekend. We should have seen a surge in the prices of the meme-based cryptocurrency, but it remained unchanged throughout the last session, after a Germany-based taxi firm announced that it had become the first taxi service in Germany to accept Dogecoin as payment.
The interesting fact about the company is that it only uses Tesla cars. The owner of the Taxi-firm, Stefan Muller, explained that the decision to accept Dogecoin as payment was an excellent marketing idea for their business. Another interesting fact was that the company also accepts the two largest cryptocurrencies, Bitcoin and Ethereum. Still, they are using DOGE for advertising, due to the recent price and the boost in the popularity of the crypto. Muller added that the initial idea came in when billionaire Elon Musk became the most prominent Dogecoin supporter.
The relationship between Elon Musk and the meme-based cryptocurrency has been controversial, as he has used many promising approaches towards DOGE lately. Elon has promised to take the currency into space and he has worked with cryptocurrency developers to enhance the network. This has supported the meme-based crypto in the past few months and made it popular compared to other cryptocurrencies.On the other hand, the US dollar, which has a negative correlation with the DOGE/USD, remained lower for the day, which supported cryptocurrency prices. However, the DOGE/USD showed zero movement on Sunday, despite favorable factors. The US Dollar Index dropped to the 90.03 level, which was followed by the declining US Treasury yields, which dropped to 1.55%.
DOGE/USD Daily Technical Levels
Support Resistance
0.368306 0.374456
0.365323 0.377623
0.362156 0.380606
Pivot Point: 0.371473The
DOGE/USD pair is trading at 0.3750, and receiving immediate support at 0.359. On the higher side, the Doge is likely to face resistance at the 0.3934 and 0.4395 levels. A bearish breakout at the 0.3595 level could extend the selling trend to the 0.3096 and 0.2737 levels. The RSI and MACD indicators support a selling bias, while the 50 periods EMA is supporting an upward trend. Let’s consider taking a buy trade over the 0.3595 level today. 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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