Dogecoin has had an underwhelming day, shedding more than 5%. The crypto market selloff escalated on Thursday, with alternative cryptocurrencies (altcoins) taking more damage. At the time of publication, Dogecoin was trading at $0.078, down 5.19% in the last 24 hours and 8.61% since the past week. The cryptocurrency exchange MEXC Global has announced that its users can now trade Dogecoin, the largest meme cryptocurrency, against Circle’s USDC stablecoin. Before that, it was possible to trade DOGE only against Tether’s USDT stablecoin. Dogecoin and other cryptocurrencies are now accepted as payment by Boston-based accounting firm Wolf & Company. The top 100 accounting firm, which dates back more than a century, announced on its official website that it would be accepting cryptocurrencies via crypto payments processor BitPay.
Key Levels
Resistance Levels: $0.1205, $0.1067, $0.0910
Support Levels: $0.0709, $0.0654, $0.0600
DOGE/USD Daily ChartThe DOGE/USD pair could extend lower towards the $0.0709 horizontal support. For the medium term, a ranging movement between $0.0910 and $0.0709 could be probable. It will be tough to determine future direction without seeing a break on either side of this narrow range.
A clear breach lower, on the other hand, might shift focus to the $0.0654 low. Only a break of the medium-term resistance level of $0.0910 could signal that the DOGE’s current bearish phase is diminishing. After rebounding from a low of $0.0654, the pair is now trading near $0.0800, reaching an intraday high of $0.0838.
DOGE/USD 4-Hour ChartFor the time being, DOGE/USD intraday bias remains beneath the 4-hour moving average (MA 50 and MA 200) and its price is headed into the neutral zone. A breach of the $0.0910 level in the short term will extend the rebound to the $0.1000 level on the upside. If a sustained breach occurs there, the pair will signal the end of the selling from $0.1708 and a retest of this high.
On the downside, the $0.0709 zones provide initial support. The next important level of support is around the $0.0654 mark. If there are any more losses, the $0.0600 extension level might be tested. In the meantime, the DOGE/USD might keep the rebound theme unchanged while still supported by the horizontal support at the $0.0709 level.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
