Dogecoin Price Forecast – DOGE/USD Completes 38.2% Retracement, What’s Next?

Posted Thursday, May 20, 2021 by
Arslan Butt • 2 min read

[[DOGE/USD-sponsored]]

DOGE/USD closed at 0.330400 after placing a high of 0.477300 and a low of 0.315650. Dogecoin extended its losses and dropped for the third consecutive session on Wednesday and reached its lowest since 30th April. Due to the sudden fall in Bitcoin prices after China’s clampdown, the recent decline in Dogecoin added a new ban on financial institutions and payment companies from offering services related to cryptocurrencies. The speculative nature of the market forced the government of the nation to warn investors against the high risk associated with it.

Recently, the prices of cryptocurrency have skyrocketed ad plummeted as speculative trading has bounced back. According to three state-backed Chinese finance watchdogs, the trading of cryptocurrency harms the safety of people’s investment seriously and disturbs the normal economic and financial orders. BITCOIN, the leader of cryptocurrencies, had a massive drop in recent days due to negative comments from a high influencer, Elon Musk. Bitcoin fell about 20% in the past 24 hours and fell below the $31,000 level for the first time since February.

The declining prices of Bitcoin added weight on the whole cryptocurrency market and dragged almost all cryptocurrencies with it. Dogecoin also followed the trend and started declining on Wednesday. Meanwhile, a man in Rhode Island was reported to have sold a vacant lot in Providence for 150,000 DOGE or around $50,000 at the time of the sale. He became the first to broker a real estate deal using the meme-based crypto asset. According to a report by local news, the man was interested in selling his vacant lot using Dogecoin due to its rising popularity over the last several months due to the influence of Elon Musk and other high-profile endorsements.

DOGE/USD Daily Technical Levels

Support Resistance
0.271600 0.433250
0.212800 0.536100
0.109950 0.594900
Pivot Point: 0.374450DOGE/USD is traded sharply bearish, falling to 0.2290 level. On the higher side, the pair may find resistance at the 0.3673 level, and a bullish crossover of 0.3673 can lead the Dogecoin price towards 0.4528 level that marks a 61.8% Fibonacci correction level. The MACD is forming smaller histograms, suggesting odds of a bullish trend reversal. Still, the MACD is holding in a negative zone, and we can’t expect a solid surge in DOGE. Let’s keep an eye on the 0.3745 level today. Good luck!