DOGE/USD Deep Dive After Getting Rejected $0.2050 – Daily Outlook

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.

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!