Dogecoin Price Forecast – DOGE USD Choppy Session Continues, Brace for a Breakout
The DOGE/USD cryptocurrency pair price failed to stop its previous long bearish rally and remained sour around 0.337643, as Elon Musk recently clarified that he does not control Dogecoin (DOGE). As we all well aware that the Tesla CEO Elon Musk was showing support for the DOGE, suggesting that he prefers the cryptocurrency because it has “dogs and memes.” But as of now, he clarified that Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited.
This, in turn, becomes the key factor that weighs on DOGE/USD, at least for now. Apart from this, the broad-based US dollar strength, backed by multiple factors, was also seen as another factor that kept it under pressure. At the particular moment, the crypto pair is trading at 0.337643 and consolidating in the range between 0.325240 and 0.350525. It is worth recalling that Dogecoin recovered approximately 67% since the recent market crash. Despite this, DOGE is trading in a downward trend. However, any new developments may aid in propelling the memecoin higher.
As per the latest report, Tesla CEO Elon Musk clarified on Twitter that he does not control the Dogecoin (DOGE) cryptocurrency and that his “ability to take action is limited. These comments came as he was responding to a Twitter user who said the Tesla CEO Elon Musk was treating the cryptocurrency as if it were “one of his own companies” by actively marketing the cryptocurrency, engaging with its community, and contributing to its development. Apart from this, the broad-based US dollar succeeded in extending its early-day bullish run-up and recovered from early January lows. However, the dollar has got a lift from emerging views. The Federal Reserve is slowly but surely edging towards a discussion about tightening the monetary policy.
Meanwhile, the downbeat market trading sentiment has also played a significant role in underpinning the safe haven US dollar. Therefore, the gains in the US dollar were also seen as one of the key factors that kept DOGE/USD under pressure.
DOGE/USD Daily Technical Levels
Support Resistance
2168.62 2748.03
2532.35 2791.17
2489.21 2877.44
Pivot Point: 2661.76
DOGE/USD is trading at 0.3364 area, facing resistance at 0.3673 level. On the 4-hour chart, the pair has violated the downward trendline that was extending a solid resistance around 0.3100 level. For now, the same resistance level is working as a support. The RSI and MACD indicators support the bullish trend in Doge, whereas the EMA is staying far away, around 0.400. The idea is to stay bearish below 0.3400 area today and bullish above the same. Good luck!
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