Technical Analysis

DOGE/USD Analysis – July 23, 2021

By LonghornFX Technical Analysis
Jul 23, 20213 min

Elon Musk Supports Dogecoin

The DOGE/USD pair is trading with a slight bullish bias at the 0.1953 level on Friday. Having soared from 0.1852 support level on the 4-hour chart. Most of the bullish trend is triggered amid fundamentals support. Coinbase now takes business payments in Dogecoin. Coinbase Commerce now permits clients to check out and spend with seven cryptocurrencies, including the Dogecoin, the meme crypto.

DOGE/USD remains on Elon Musk’s account as the billionaire validated he held Bitcoin, Ethereum, and Dogecoin. On Thursday at the B-Word conference, Elon Musk validated that he had a couple of cryptos. The digital assets he carries including Bitcoin, Ethereum, and Dogecoin. The SpaceX CEO is fondly remembered in the community as the Doge father.

It seems the Doge father has not yet abandoned his favourite crypto. Musk verified that he held more BTC than Doge or Eth. This came as no shock as the billionaire had forever been bullish on the BTC/USD coin and proceeded to back the asset.

As we know, the BTC/USD and DOGE/USD share a positive correlation, and any news supporting Bitcoin also underpins the price of Dogecoin. With that being said, Dogecoin is gaining support over comments from Elon Musk regarding Bitcoin.

As per Elon Musk, bitcoin is turning towards renewable energy, and several of the heavy-duty coal factories employed in China have been closed. Musk continued that he needed to verify that the usage of renewable energy was at or over 50% for bitcoin mining.

The U.S. Dollar Index that estimates the greenback worth versus the basket of six major currencies slipped and touched 92.76 level, appending additional gains in Dogecoin prices. Both of these currencies share a negative correlation. The bearishness in the greenback could be credited to the sunk risk-off market bias and eased down concerns of coronavirus radiated across the market.

DOGE/USD Intraday Technical Levels

Support Resistance

0.1848 0.19632

0.1789 0.20194

0.1733 0.20781

Pivot Point: 0.19045

DOGE/USD - Technical Outlook

The DOGE/USD pair is trading with a slightly bullish bias at 0.1952, having rejected at the double top resistance mark of 0.1963 level. Dogecoin is trying to close the “shooting star” candle below the 0.1963 level, making it a more solid resistance now.

The indicators like MACD and 50 EMA support a buying trend as the 50 EMA provides support at 0.1852 level. Bullish trend continuation and a breakout of 0.1963 level can expose DOGE/USD price towards 0.2048 and 0.2145 levels.

Besides, the bearish breakout of 0.1852 level can expose Doge towards 0.1789 and 0.1733 support levels on Friday. Bullish bias dominates over 0.1852 today. All the best!


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