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Dogecoin Price Forecast – DOGE/USD on a Bullish Run – Good Buying Trades!

Posted Wednesday, June 2, 2021 by
Arslan Butt • 2 min read

The DOGE/USD closed at $0.370080, after placing a high of $0.382080, and a low of $0.316650. Unlike all other cryptocurrencies, DOGE advanced on Tuesday, reaching above $0.382080, which was the highest level since May 21. The DOGE/USD extended its gains for the second consecutive session on Tuesday, after Coinbase, the most important regulated cryptocurrency exchange in the United States and the only publicly traded one, announced that the Dogecoin deposits are now available for clients of its pro platform.

Dogecoin is not yet available on Coinbase’s primary website or its consumer mobile apps. The company said that there would be a separate announcement if and when this support is added. The CEO of Coinbase, Brian Armstrong, referred to Dogecoin as one of the cryptocurrencies that is getting a lot of attention, and he shared the company’s plan to list the token in six to eight weeks.

After Coinbase Pro started accepting inbound transfers of Dogecoin on Tuesday, Elon Musk, who has been a supporter of Dogecoin from the beginning, tweeted, “who let the doge out.” This tweet also added support to the rising prices of DOGE/USD, due to his significant influence as a famous billionaire. Meanwhile, Dogecoin’s Billy Markus, said that crypto prices were mainly driven by fools selling to even greater fools. He said: “I’m honestly wondering what percent you think any crypto is purchased from utility vs greater fool theory. From my viewpoint it’s about 99.99%.The greater fool theory states that you can profit from buying overvalued assets because there will usually be a greater fool willing to pay an even higher price. According to this theory, the cycle continues until there are no greater fools left. After this comment, DOGE should have declined, but it continued rising on Tuesday.

DOGE/USD Daily Technical Levels

Support Resistance
0.330460 0.395890
0.290840 0.421700
0.265030 0.461320
Pivot Point: 0.356270The DOGE/USD pair is trading sharply bullish at 0.4257, crossing over the 0.3686 resistance level. Closing of bullish engulfing candles over the 0.3682 level could lead the pair even higher, until the 0.4367 resistance. A bullish crossover at the 0.4367 level could extend the buying trend until the 0.5130 mark. The RSI and MACD support a strong buying trend now; let’s consider taking a buy position over the 0.3708 level today. Good luck!