- Dogecoin came under pressure amid Jackson Palmer’s negative remarks.
- Powell’s dovish statement failed to support the DOGE/USD at $0.1967
- Three Black Crows candlestick patterns may push Dogecoin towards $0.1801.
The DOGE/USD closed at $0.197820 after placing a high of $0.204460 and a low of $0.187860. Dogecoin’s forecast continued to be bearish as its streak for the 6th consecutive session.
Yesterday, the DOGE/USD showed neutral movement for the day despite improved market sentiment.
Dogecoin Creator Jackson Palmer Hated Crypto Industry
The DOGE/USD consolidated throughout the day. Co-creator of DOGE stated that cryptocurrency was like catching the severest parts of today’s capitalist system. Despite being Dogecoin one of the top 10 cryptocurrencies right now, the Dogecoin creator said he hated most of the crypto industry.
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Jackson Palmer decided to talk about the degeneration of the crypto community. He said that he had no plans to get involved with cryptocurrencies ever again. Palmer preached the financial freedom associated with cryptocurrencies. However, crypto was a right-wing means to deliver more profits to the wealthy by removing the government’s regulatory power.
He explained, the decentralization was only an illusion as a powerful cartel of wealthy figures controlled the industry. Yanis Varoufakis, the former finance minister of Greece, made similar criticism. He pointed out that cryptocurrencies were designed to benefit very powerful minorities in their current state.
Palmer said that cryptocurrencies represent the worst face of the capitalist system. These lack the control that could lead to potential social issues. These negative comments from the Dogecoin creator added further pressure on already declining prices of DOGE/USD on Wednesday.
Powell’s Dovish Remarks offsets Palmer Comments
The DOGE/USD traded choppy as Palmer’s negative remarks were offset by a bearish trend in the U.S. dollar. Greenback remained depressed throughout the day after the Chairman of Federal Reserve also gave dovish comments about maintaining support to the economy. The Fed will continue to support the economy as it has not reached levels that the central bank set as a threshold of tapering.
The U.S. Dollar that assesses the value of the U.S. dollar versus the basket of six major currencies plunged to 92.34. It weighed on the greenback and help a slight recovery in the daily loss of DOGE/USD. Hence, the crypto remained flat during Wednesday’s trading session.
Dogecoin (DOGE/USD) Forecast: Doge Breaks Below $0.196713
Pivot Point: 0.196713
Dogecoin (DOGE/USD) Forecast – Daily Technical Analysis: Bullish Trend ahead?
- Dogecoin forecast is bearish today, as DOGE/USD has closed the “Three Black Crows” candlestick pattern on the daily chart. This pattern indicates strong bearish among investors and therefore can drive a strong selling trend in Doge price.
- The DOGE/USD pair is trading at a 0.1932 level, facing a solid resistance at the 0.2326 level, whereas a bullish breakout can extend the buying trend until the 0.2815 level.
- On the 4 hour chart, the DOGE/USD has formed a descending triangle demonstrating a selling trend. The double bottom level supports the pair at 0.1684 level; however, the breakout of 0.1684 level can lead the Dogecoin price towards the 0.095 support region.
- On the flip side, the downward trendline provides an immediate resistance at 0.2326 level, and a bullish breakout of this mark can lead the DOGE/USD price towards the next resistance area of 0.2817 level.
- The lagging and leading technical tools, such as 50 periods EMA(Exponential Moving Average – Red Line) and the MACD, support a selling trend.
- Dogecoin forecast is bearish on Thursday. Thus, we may have an excellent sell opportunity below the 0.196713 level today.
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