- Strength in U.S. Dollar Keeps DOGE/USD Under Pressure at $0.2059
- Personal Income from June surged to 0.1% against the estimated -0.4% and supported the U.S. dollar that added loss in DOGE/USD prices.
- Forex trading participants may look for a buy trade above the 0.2035 level to the target of 0.2300.
The DOGE/USD closed at $0.204210 after placing a high of $0.217690 and a low of $0.201130. DOGE/USD dropped in its price for a second consecutive session on Sunday as the U.S. dollar gained traction in the market. Dogecoin price forecast is bullish above $0.1980level that’s extended by an upward channel.
Strength in U.S. Dollar Keeps DOGE/USD Under Pressure at $0.2059
The U.S. Dollar Index (DXY) that measures the greenback value against six major currencies’ baskets rose on Friday to 92.20. It placed gains after falling for the previous four consecutive sessions. The U.S. dollar finally turned green on the back of a better-than-expected macroeconomic data release on Friday, and this is still influencing the pair.
At 17:30 GMT, Personal Income from June surged to 0.1% against the estimated -0.4% and supported the U.S. dollar that added loss in DOGE/USD prices.
Personal Spending in June also rose to 1.0% against the expected 0.7% and supported the U.S. dollar that dragged DOGE/USD even lower.
At 18:45 GMT, the Chicago PMI for July rose to 73.4 against the predicted 64.2 and supported the U.S. dollar that helped the bearish momentum in Dogecoin. These macroeconomic figures came in favor of the greenback and had a negative impact on DOGE/USD as both share a negative correlation.
A Man to Sell His House in Dogecoin
There were reports that a man from Utah wanted to sell his house in Dogecoin. A man from Saratoga Springs is reportedly trying someone to buy his house for $399,000. However, he has said that he will provide a 10% discount to anyone willing to pay him with Dogecoin, despite several issues related to the transaction.
The volatility of Dogecoin and the fact that buying a home using cryptocurrency was not traditional makes it a unique event. It can be a difficult scenario because of two reasons:
First, the person should be willing to take risks considering the chances of Dogecoin falling in price. The second issue is for a company that will be converting the current cryptocurrency into U.S. dollars. The company would hold it and facilitates the transaction.
Some dealers have said that the seller would have to convert money back into cryptocurrency after the sale was complete. Some proposed an alternative option to hiring a lawyer who would draw a contract that both the buyer and seller sign to exchange the money and title of the home on a peer-to-peer basis.
Dogecoin Price Forecast – Technical Levels
Pivot Point: 0.207677
Dogecoin Price Forecast – Technical Outlook: Upward Trendline Support at $0.2055
Dogecoin price forecast is neutral as the pair holds below 50 EMA and the Stochastic is in the oversold zone. Besides, there’s an upward channel supporting the DOGE/USD at the $0.2050 level.
On the 4-hourly chart, the DOGE/USD pair has crossed below the 50 periods EMA (Exponential Moving Average – Red Line) that are now extending resistance at the $0.21000 level.
The technical tool Stochastic is still trading in the oversold zone below 20. That is suggesting odds of a bullish correction in the DOGE/USD pair. The DOGE/USD pair is likely to find resistance at the 0.2196 level, and a bullish breakout of 0.2196 can lead the Doge price towards the 0.2346 level.
On Monday, the DOGE/USD price forecast remains bullish above the $0.2050 level. Therefore, the forex trading participants may look for a buy trade above the 0.2035 level to the target of 0.2300. Alternatively, we may see a selling trend upon breakout of 0.1950 level with a target of 0.1800 and 0.1682 levels. All the best.
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