DOGE/USD Analysis – July 16, 2021

Double Top Pattern Extends Resistance at $0.1882

The DOGE/USD crypto pair extended its downward overnight rally and declined further after it failed to stay above $0.187500 against the U.S. Dollar. Dogecoin price is dropped by 4.45% in the last twenty-four hours and holding the $0.180965 support.

After a failed attempt to settle above $0.187500, LTC extended its decline, like BTC, ETH & LTC. The Dogecoin price broke the $0.181500 support, and it dropped well below the 100 hourly simple moving average. The price could face further losses if Dogecoin fails to recover above $0.181500 and $0.187500.

At this time, Dogecoin is currently trading at the $0.182034 level on the day with a 24-hour trading volume of $1,061,750,843. However, Dogecoin's selling bias could be attributed to the reports suggesting that Dogecoin Co-Founder criticizes the crypto world and states it is managed by "powerful cartels" of wealthy figures.

Dogecoin co-founder Jordan Palmer is seemed upset over the road the cryptocurrency industry has taken. This is why Jordan Palmer stated that he would not return to the cryptocurrency world. Palmer threw harsh criticisms of the cryptocurrency industry, calling it "hyper capitalistic" and managed by "powerful cartels" of wealthy figures. This news has failed to leave any meaningful impact on Dogecoin so far. Although, this could be harmful to Dogecoin in the future.

On the positive side, the declines in Dogecoin could be limited as the one, and only Busta Rhymes(Rapper) joins the ever-growing community of hip-hop artists interested in cryptocurrencies. Even though his interest in experimental so far cannot be denied, it can shine over the crypto industry.

A person like Busta Rhymes has developed an audience over the last few years, and some of them may come on the crypto rabbit-hole. In addition to this, the broad-based U.S. dollar bearish bias, triggered by the risk-on market sentiment, helps the Dogecoin price to limit its deeper losses.

The broad-based U.S. dollar has been dropping at the USD front since the day started as the risk-on market mood tends to undermine the safe-haven assets, including the U.S. dollar.

Conversely, the decline in the U.S. dollar could be temporary as the investor worries about a quicker-than-expected U.S. interest rate hike tend to underpin U.S. currency. Thus, the downticks in the U.S. dollar were seen as significant factors that placed a lid on any further losses in the Doge price.

DOGE/USD Intraday Technical Levels

Support Resistance

0.1784 0.1986

0.1692 0.2097

0.1581 0.2189

Pivot Point: 0.1894

DOGE/USD - Technical Outlook 

The DOGE/USD pair is trading with a bearish bias at 0.1826 level, having rejected at the double top resistance level of 0.1882 level. Dogecoin has closed a Doji candle right below the resistance level of 0.1882 level that is keeping the pair bearish today.

On the downside, the DOGE/USD pair's support prevails at 0.1804 level that's being extended by a double bottom pattern. On the 4 hour timeframe, the 50 EMA is providing resistance at 0.1930 level, and closing the current market price below this level indicates a selling trend in the DOGE/USD pair. The MACD is also in support of a selling bias today. All the best!