- Kraft Heinz Company has announced a product that has increased hype around Dogecoin.
- Survey by Finder suggests the price of Dogecoin could surpass the benchmark of $1 level by 2025.
- Forex trading participants will be looking for a sell stop below the $0.1935 level to target $0.1856.
A day before, the DOGE/USD closed at $0.201500 after placing a high of $0.203240 and a low of $0.194360. After declining and remaining range-bound for the previous 5-consecutive sessions, Dogecoin showed a slight improvement. It ended Wednesday’s trading session with minor gains. Dogecoin price prediction remains bearish on Thursday, as it has crossed below 50 periods EMA at $0.1995.
Survey by Finder Underpins Dogecoin Price
According to a survey done by Finder with a panel of experts regarding cryptocurrencies, the price of Dogecoin could surpass the benchmark $1 level by 2025. By the end of that year, the meme-based cryptocurrency could hit $1.21 as a high. Wheres, the price could reach as high as $3.6 by the end of 2030.
As per the panel of experts, cryptocurrency prices are likely to surge in the future. Whereas, most experts believed that the Dogecoin might end this year at around $0.42, higher than the current price but lower than the all-time high of $0.72.
The involvement of Elon Musk is considered as a significant reason behind the bullish outlook for Dogecoin. However, one of the members from the expert panel predicted that by the end of 2030, the DOGE might reach $50. Thus, these bullish predictions kept the DOGE/USD positive stance and pushed the cryptocurrency higher yesterday.
Kraft Heinz Company Introduces “Hot Doge Wieners” on eBay
The food giant Kraft Heinz, Oscar Mayer, has announced a product that is said to be getting benefits from the increased hype around Dogecoin. The longtime hot dog maker has added a limited-edition pack of “Hot Doge Wieners” for sale on eBay.
“Hot Doge Wieners” has a cash value of 10,000 Dogecoins. On Wednesday, the company said that it was only making one pack for the special wieners.
The bidding has started, and it is unclear how the dogecoins will be transferred to the winning bidder. The product had pulled 72 bids so far, and those bidders have placed offers as high as $3500. The current price of 10,000 dogecoins is worth about $2000. This news also added further strength to the rising prices of DOGE/USD.
Dogecoin Price Prediction- Technical Levels
Pivot Point: 0.199700
Dogecoin Price Prediction- Technical Outlook: Double Bottom at $0.1935
Dogecoin price prediction is bearish; however, it’s already reaching double bottom support level of $0.1935. On the 2-hour chart, the DOGE/USD has completed 38.2% Fibonacci retracement at the 0.2025 level.
The closing of candles below this is suggesting chances of bearish trend continuation. Therefore, the pair has crossed below the 50 periods EMA (Exponential Moving Average – red line), and now that EMA is working as resistance at 0.1979 level.
Taking a look at the oscillator tool, the Stochastic RSI is heading south into the oversold zone. Therefore, the chances of a bullish correction will remain high, around 0.19352 support. In case of a bearish breakout, there will be an excellent sell opportunity until the 0.1856 support level. However, buyers will dominate above 0.1935 level until the resistance levels of 0.1992 and 0.2025 level.
Therefore, the Forex trading participants will be looking for a sell stop below the $0.1935 level to the target of $0.1856. Alternatively, the buying trend can be seen above the $0.1935 level with a target of $0.2025 level. All the best.
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