Choppy Session in Play
The DOGE/USD was closed at $0.204930 after placing a high of $0.206520 and a low of $0.200470. Dogecoin maintained its null-movement for the second consecutive session and moved under consolation throughout the day amid the lack of any related fundamental or news.
The Chairman of O’Shares ETFs and judge on ABC’s Shark Tank told CNBC that he has no plans to add Dogecoin into his portfolio. He even said that he did not understand why anybody would want to add it to his portfolio; however, at the end of the day, that’s their choice.
O’Leary said that investing in Dogecoin earlier this year drove its prices 12,000% from fractions of a penny to 69 cents was only gambling; he said that he would not even call it investing. He further said that there is no inherent value of the Dogecoin, and people should only consider it entertainment rather than speculate.
O’Leary continued and said that the investors tend to bet on management’s ability to execute its business plan and achieve goals. Still, with Dogecoin, there was no such informed decision-making as a buyer of Dogecoin hopes that price will go up. He even compared investing in Dogecoin to going to Las Vegas and putting money on red or black.
The chairman of O’Shares said that Dogecoin was first made as a joke as its creator also said that the whole process took him only 3 hours. He said that bitcoin has sophisticated technology and has another feature of scarcity that Dogecoin lacks. It means that an unlimited amount of Dogecoin can be made, which makes it less secure.
O’Leary did not criticize the whole crypto market but only Dogecoin and said that his team had done complete research into crypto, and they see value in certain aspects of the market. These negative comments kept on weighing on the Dogecoin, and hence, DOGE/USD remained flat throughout the day as most investors remained out of the market.
DOGE/USD Intraday Technical Levels
Pivot Point: 0.203973
DOGE/USD - Technical Outlook
The DOGE/USD pair is trading with a neutral bias bullish bias at 0.2060 level, having rejected at the double top resistance level of 0.2100 level. On the 4-hour timeframe, Dogecoin is consolidating in a trading range of 0.2100 – 0.1995 level, and a breakout of this range will determine further trends upon a break out of this trading range.
The indicators like MACD and 50 EMA support a buying trend as the 50 EMA provides support at the 0.2025 level. Bullish trend continuation and a breakout of 0.2104 level can expose DOGE/USD price towards 0.2210 and 0.2275 levels.
Besides, the bearish breakout of 0.1998 level can expose Doge towards 0.1909 and 0.1835 support levels on Friday. Bullish bias dominates over 0.2040 today. All the best!
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