- German luxury fashion house Philipp Plein has started accepting digital assets.
- Dogecoin’s price is trading near $ 0.195508 with a 24-hour trading volume of $ 974,105,535.
- Forex trading participants will be looking for a buy trade above the $ 0.1940 level to the target of $ 0.2024 and $ 0.2125.
The DOGE/USD pair has failed to stop its previous-session downward rally & continued with a bearish trend below $0.194779 on the day. Dogecoin attempted to settle above $ 0.199000 but pulled back towards $0.194286. Dogecoin price prediction remains bullish above the triple bottom support level of $ 0.1940 level.
Philipp Plein to Accept Cryptocurrency – Dogecoin Supported
Dogecoin exhibited slight upside momentum right after reports indicated that German luxury fashion house Philipp Plein has started accepting digital assets. The company attempt to attract the crypto nouveau riche following a recent bull run.
These positive headlines exerted a positive impact on Dogecoin and pushed the prices upward above the 0.199000 level. Although, the upticks were short-lived as the mixed sentiment surrounding the crypto market tends to undermine the cryptocurrencies, including Dogecoin.
The Dogecoin price is trading near $ 0.195508 with a 24-hour trading volume of $ 974,105,535. Doge is dropped by 1.60% in the last twenty-four hours. There are still many headlines that have been supporting the Dogecoin prices.
Besides, the price of Dogecoin is dependent on Tesla CEO Elon Musk promoting it. The crypto experts were asked about their price forecasts for Dogecoin for 2025 and 2030. According to the panel average, they replied, “Doge should see its value hit an average value of $1.21 by 2025 and $3.60 by 2030.
Bearish Dollar Underpins Dogecoin Price
On the other hand, the sentiment surrounding the DOGE was also supported by the bearish U.S. dollar. A weaker dollar tends to underpin the DOG/USD pair amid a negative correlation. The broad-based U.S. dollar failed to stop its previous-session negative performance and remained depressed around recent highs.
Therefore, the bearish bias in the U.S. dollar is considered as one of the key factors helping the Dege prices to cap their losses.
Dogecoin Price Prediction- Technical Levels
Pivot Point: 0.207677
Dogecoin Price Prediction- Technical Outlook: Fibonacci Retracement in Play
Dogecoin price prediction is bullish above an immediate support level of $0.1940 level. On the 4 hour chart, the Dogecoin has entered the oversold zone as the Stochastic is holding at 17.97 level. Whereas, the closing of Doji and Spinning top candles are suggesting indecision among investors. Typically when these candles are formed after a strong selling trend, they trigger a bullish retracement.
Therefore, you can apply a Fibonacci indicator on a 4-hour chart, just like I did. The DOGE/USD pair has already completed 23.6% Fibonacci retracement at the $ 0.1992 level. A bullish crossover of this level can exhibit a bullish trend until the $ 0.2024 level, that’s 38.2% Fibonacci correction level.
The 50 days EMA (Exponential Moving Average – Red Line) will be extending resistance at the same 38.2% Fibo levels of $ 0.2024 level. Since the leading indicator Stochastic is peaking about of the oversold zone, this may be a signal of bulls entry in the market. For any reason, if the DOGE/USD breaks below 0.1940 support, there will be an excellent sell opportunity until the $ 0.1856 level.
On Wednesday, the DOGE/USD price prediction is bullish above $ 0.1940. Therefore, the Forex trading participants will be looking for a buy trade above the $ 0.1940 level to the target of $ 0.2024 and $ 0.2125. Alternatively, the selling trend can be seen upon a breakout of $ 0.1940 level with a target of $ 0.1856 level. All the best.
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