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Dogecoin - DOGE/USD Chart

DOGE/USD on a Bullish Move – Can it Violate the Symmetrical Triangle Pattern?

Posted Monday, June 28, 2021 by
Arslan Butt • 2 min read
The DOGE/USD closed at $0.264150, after placing a high of $0.264150, and a low of $0.241760. Dogecoin also followed the recent market trend, extending its gains for a second consecutive session on Sunday, amid the latest comeback of the Bitcoin prices.
Bitcoin surged on Sunday, after El Salvador announced various positive developments regarding making bitcoin its second legal tender. The country’s President, Nayib Bukele, announced that the law to make bitcoin legal tender within the country’s limits would be passed by July 7. Furthermore, he also announced that they would airdrop $30 worth of Bitcoin in every adults’ account, in the government’s wallet app. These developments pushed Bitcoin prices near $35,000, which helped maintain a positive sentiment around the whole crypto market.

Dogecoin also followed the prevailing market trend and rose on Sunday. Another important factor involved in the upward momentum in DOGE/USD was the declining prices of the US dollar. The greenback was weak across the board, amid the poorer-than-expected data release on Friday. The PCE Price Index and Revised Consumer Sentiment did not meet the expected figures and weighed on the US dollar, adding further gains for the DOGE/USD, as the two have a negative correlation.Meanwhile, John Hempton, founder and co-owner of the hedge fund Bronte Capital, has said that the price of the flagship cryptocurrency Bitcoin will only hit bottom after Dogecoin drops below $0.01. He said that the cryptocurrency market would remain in a speculative mania as long as the meme-inspired cryptocurrency still has a high value. He added that the price of top cryptocurrencies, including BTC, would then keep on dropping until DOGE lost most of its value.

Furthermore, one of the founders of Dogecoin, Bill Markus, has revealed that he has finally repurchased Dogecoin. The founder had previously vowed never to repurchase any digital currencies. However, it seems like the success of Dogecoin weakened his resolve and prompted him to break his vow. He announced that the price crash encouraged him to enter the market after posting joke tweets about checking the prices numerous times. This also added strength to the DOGE/USD, and helped its prices to remain green for the weekend.

DOGE/USD Daily Technical Levels

Support             Resistance
0.249224          0.271614
0.234297          0.279077
0.226834          0.294004
Pivot Point:     0.256687The DOGE/USD is trading with a bullish bias at the 0.2599 level, and it has crossed over the 50 periods EMA level of 0.2413. On the higher side, the breakout at the 0.2913 resistance level could lead DOGE towards the next resistance level of 0.3503. At the same time, the support remains at the 0.2276 level. On the 4-hour timeframe, Doge has formed a symmetrical triangle pattern that’s keeping the coin choppy, within a narrow range; however, the violation of this pattern could drive the next movement in Doge. Let’s keep an eye on the 0.2565 level, staying bullish above and bearish below this level. Good luck!

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