- DOGE/USD slides below $0.1800 support; is it going after 0.1684?
- Jordon Palmer (co-founder of Dogecoin) remarks dents Dogecoin prices on Friday.
- Can double bottom support $0.1684 trigger a bounce-off? Let’s find out.
The DOGE/USD closed at $0.185340 after placing a high of $0.200810 and a low of $0.180630. Dogecoin’s price forecast is pretty bearish as it dropped for the 6th consecutive session amid the latest negative comments from its co-founder. Doge/USD price has traded precisely in line with my Dogecoin Price Forecast posted on July 15, 2021.
Jordon Palmer, the co-founder of Dogecoin, was not happy with the cryptocurrency industry’s road and said that he will not return or get into affairs with the circles of cryptocurrency from now as the sector was hyper capitalistic.
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Jordon Palmer remarks dents Dogecoin below $0.1800
Palmer said that the powerful cartels of wealthy figures were managing the cryptocurrency market as it was built essentially to magnify the wealth of its proponents. He added that they want a combination of tax avoidance, reduced regulatory oversight, and artificially enforced scarcity to increase their wealth.
He further criticized the marketing strategy of the crypto industry that was targeting the financially struggling individuals and encouraging them to invest their savings into cryptocurrency, hoping to make a quick wealth out of it. Additionally, Palmer also said that the claims of cryptocurrencies being decentralized were also false. He said that a powerful cartel of wealthy figures controlled the world of cryptocurrency.
He noted that these figures have evolved to incorporate many institutions tied to the existing centralized financial system they were pretending to replace. These negative comments from Palmer added stress on DOGE/USD and dragged its prices further to the downside.
The U.S. dollar also weighed on the DOGE/USD prices as it managed to recover a large part of its previous daily loss and moved up to 92.69 level. The rising prices of the U.S. dollar added pressure on DOGE/USD as both share a negative correlation, and hence, the crypto remained bearish for the 6th consecutive session on Thursday.
Dogecoin Price Forecast: Double Bottom Breakout at $1.21150
DOGE/USD 4-Hour Chart
Support Resistance
0.177044 0.197224
0.168747 0.209107
0.156864 0.217404
Pivot Point: 0.188927
Dogecoin Price Forecast – Technical Analysis: Eyes on $1.1330
Dogecoin price forecast is bearish as the pair has already lost over 5% to trade at the 0.1758 level. On the 4 hour timeframe, the DOGE/USD pair has already closed the “Three Black Crows” pattern that’s suggesting odds of selling trend continuation.
On the downside, the DOGE/USD is heading further lower towards the support level of 0.1684 level. This level is being held by a triple bottom area that we can see on the daily timeframe.
The leading technical tool, Stochastic RSI, is entering the oversold zone as its value holds below 20. It demonstrates a strong bearish bias in DOGE. But at the same time, failure to break below 0.1684 level can drive a bullish correction in DOGE/USD.
The DOGE/USD price forecast is strongly bearish today. Thus, the forex trading participants may look for selling below 0.188927 level to target 0.1680 level. Whereas, we can expect a bullish retracement if Doge closes candles over 0.1675 level today. All the best.
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