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DOGE/USD Sideways Trading Continues – Quick Trade Ideas!

Arslan Butt•Monday, July 5, 2021•2 min read

The Dogecoin price consolidated within a narrow range, as investors started moving towards newer meme coins. The other similar cryptocurrencies also experienced the range-bound move, as the hype around them began to fade away. Dogecoin and Elon Musk have been linked together due to his support for the meme-coin. Musk named himself the “Dogefather,” talked about it on SNL, and revealed plans to send Dogecoin to the moon. Many fans and followers of Dogecoin have favored these endorsements by Musk.

However, the recent turn of events might have disappointed the supporters, as the billionaire’s allegiance seems to have shifted to a newer and younger version of Dogecoin, known as Baby DogeCoin, which is not affiliated with the original coin. Over the past month, the price of Baby DogeCoin has surged by 4,376%, and it has a current market capitalization of $324 million.

However, this is not the first time Musk has shifted from one meme coin to another, as on June 25, he mentioned another Dogecoin spin-off, Shiba Inu. The hype in the social media drives the prices for all meme-based cryptocurrencies, and with the slump in the general crypto market, the meme coins were finding it hard to stay above the support levels.

Dogecoin - DOGE/USD Chart

DOGE/USD – Daily Technical Levels

Support            Resistance
0.245310          0.248940
0.244100         0.251360
0.241680         0.252570
Pivot Point:     0.247730On the technical front, the DOGE/USD pair is supported at the 0.2353 level, and a breakout at 0.2353 could extend the selling trend until 0.2114. On the 4-hour timeframe, the violation of the 0.2114 level could extend the selling bias until the next support area of 0.1865. Conversely, the resistance remains at 0.2553, and a bullish breakout of this resistance could drive more buying trends until the 0.2750 level. The MACD and RSI values are tossing above and below their crossover levels; therefore, it’s hard to predict the trend until the breakout occurs. Placing a sell stop below the 0.2370 level could be an excellent idea today. Good luck!

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ABOUT THE AUTHOR See More
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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