Dogecoin Price Analysis: Potential Range Breakout Setup, Buy Above $0.2845
Arslan Butt • 2 min read
The DOGE/USD closed at $0.271800, after reaching a high of $0.285800, and a low of $0.263600. Dogecoin fell again on Monday and reversed its course, despite positive developments surrounding the ecosystem, and the weakness of the US dollar.
Burger King has unveiled its plans
Recently, Burger King, in partnership with Robinhood, has unveiled its plans to give rewards to its customers in Dogecoin, Ethereum and Bitcoin. On Monday, the fast-food giant, Burger King, announced a partnership with Robinhood, that will bring crypto rewards for its customers.
This offer will take effect in the United States from November 1 to November 21, and during this period, Royal Perks members, who spend more than $5 on the restaurant’s app, will receive one random coin from a reward pool of 20 BTC, 200 ETH or 2 million DOGE.
Royal Perks is a Burger King loyalty program that allows customers to earn points on each purchase, and redeem them. Anyone can become a member by registering on the official app or the website. This news added strength to the DOGE/USD, pushing its prices towards the $0.3000 level. However, hitting closer to this level triggered profit-taking, which ultimately dragged prices downwards on Monday.
Weakness in US dollar underpins Dogecoin
On the other hand, the US dollar was also weak across the board, despite the better-than-expected macro-economic data release of the manufacturing PMI. The DXY dropped to 93.86, which ultimately should have pushed the DOGE/USD prices higher, as the two are negatively correlated, but the cryptocurrency ignored the weakness of the US dollar and kept on declining amid a correction. US investors were more focused on the upcoming US Federal Reserve monetary policy meeting scheduled for this week.
Dogecoin price analysis – Brace to trade the breakout at 0.4842 – 0.2604
On the 4-hour timeframe, Dogecoin is trading with a neutral bias at 0.2750. It is facing immediate resistance at 0.2842, and a breakout at this level would expose the pair to levels of 0.3060 and 0.3340.
Daily Technical Levels
Pivot Point: 0.273733
On the lower side, immediate support for Dogecoin prevails at 0.2604, and a break below this level has the potential to lead Dogecoin towards the 0.2330 support level. Dogecoin’s RSI and Stochastic are holding in a selling zone, supporting a selling trend in Dogecoin. Let’s consider staying bullish above the 0.2737 level today. Good luck!