DOGE Price Forecast – DOGE/USD Symmetrical Triangle Pattern – Eyes on Breakout!
The DOGE/USD was closed at $0.326770 after placing a high of $0.336390 and a low of $0.310640. Dogecoin extended its decline and continued f
Arslan Butt•Wednesday, June 9, 2021•2 min read
The DOGE/USD closed at $0.326770, after placing a high of $0.336390, and a low of $0.310640. Dogecoin extended its decline and continued to fall for the 6th consecutive session on Tuesday, amid a sell-off. According to a report by NBC News, the famous and iconic meme behind the Dogecoin was set for sale in an auction, starting Tuesday. Dogecoin is currently ranked sixth among the cryptocurrencies, with a market cap of $42 billion. A Japanese nursery school teacher, Atsuko Sato, took the original photograph of the excited-looking Shiba Inu, Kabosu, in 2010. Since being associated with the Dogecoin, this image has become famous.
On Tuesday, the NFT auction of the image of Kabosu will begin with the Know Your Meme named internet meme database certifying and authenticating the NFT. The fact that Atsuko Sato herself will be auctioning the image will provide confidence to the bidders. The auctioned image will not take the form of a copyright, but rather a digital autograph from Atsuko.
On the other hand, the famous billionaire Elon Musk has said that he agrees with
Ethereum co-founder, Vitalik Buterin, about a potential collaboration between Ethereum and Dogecoin. Buterin recently suggested that if a secure Doge-to-Ethereum bridge could be established, it would be excellent for both cryptocurrencies.Meanwhile, the strong comeback in the US dollar also helped extend the losses in the DOGE/USD on Tuesday. The greenback was strong across the board, as investors were awaiting the US CPI data due for release on Thursday. The DXY reached the 90.18 level, with 0.2% gains for the day, dragging he DOGE/USD lower, as there is a negative correlation between the two.
DOGE/USD Daily Technical Levels
0.312810 0.338560
0.298850 0.350350
0.287060 0.364310
Pivot Point: 0.324600The DOGE/USD pair is trading at 0.3279, and receiving immediate support at 0.3000. On the higher side, the Doge is likely to face resistance at the 0.3381 and 0.4395 levels. A bearish breakout at the 0.2972 level could extend the selling trend to the 0.2737 and 0.2525 levels. The RSI and MACD indicators support a selling bias, along with the 50 periods EMA extending resistance at the 0.3687 level. Let’s consider taking a buy trade over the 0.3380 level today. Good luck!
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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