Dogecoin price looks to climb 30%, while crypto exchange gets sued over DOGE


  • Dogecoin price consolidates above the $0.230 support level, anticipating a massive rally.
  • Coinseed exchange gets fined $3 million for converting customers’ funds to DOGE without their consent.
  • A breakdown of the $0.193 demand barrier will invalidate the bullish thesis.

Dogecoin price is coiling up above a stable support floor after a brief retest. However, DOGE is likely to retrace lower before a new uptrend kicks in.

New York AG shuts down crypto exchange

New York Attorney General Letitia James shut down Coinseed Inc., a cryptocurrency exchange. The reason behind this decision comes as the company converted the customers' funds into Dogecoin and alleged that it violated the Martin Act. 

On September 9, the court issued an order to pay $3 million in fines, shut down the exchange, and appointed a permanent receiver who will control the exchange’s websites and protect investor interests.

This action from the authorities comes after receiving many complaints in February where users’  accounts holding multiple cryptocurrencies were converted to a highly volatile meme-themed crypto DOGE.

Since its peak at $0.74 on May 8, the Dogecoin price has dropped 67% at the time of writing.

Dogecoin price prepares for a run-up

Dogecoin price rose 5% over the past 24 hours after briefly tagging the $0.230 support floor. While this retest is bullish, the pullback is far from over. There is a high chance DOGE might slice through this barrier and retest the $0.213 demand zone before kick-starting a new uptrend.

Regardless of where it bounces off, DOGE is looking at a climb to $0.308. However, this ascent is not without hurdles. 

Assuming Dogecoin price starts its new leg-up from $0.230, it will encounter the $0.256 and $0.268 resistance barriers. Flipping these ceilings into platforms will open the path for a retest of $0.308.

Further increase in buying pressure will push the meme-themed cryptocurrency to $0.308, constituting a 30% ascent.

In some cases, the Dogecoin price might extend this upswing to the next barrier at $0.328.

DOGE.USDT 12-hour chart

DOGE.USDT 12-hour chart

On the other hand, if DOGE fails to bounce off the $0.230 support level, it will indicate increased selling pressure. In a highly bearish case, Dogecoin price might even retest the $0.213 demand floor. However, a breakdown of the $0.193 foothold will create a lower low and invalidate the bullish thesis.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

Since XRPArmy and lawyers in the crypto ecosystem consider the US Securities & and Exchange Commission’s (SEC) move to pull documents out of public view as evidence that the case is coming to a close, a Ripple win appears more likely.

More Ripple news

Bitcoin Weekly Forecast: BTC must hold $45K to target new all-time highs

Bitcoin price is on a rollercoaster ride as it crashed violently on September 7, consolidated for a few days after that and went on an uptrend to undo the losses. Over the past 24 hours, however, BTC seems to be consolidating for a volatile move without a clear directional bias.

More Bitcoin News

Chiliz price to retrace before CHZ runs up

Chiliz price is stuck in a tight consolidation above a crucial support floor and shows no signs of recovering from this slump. In fact, CHZ might retrace lower before heading on an uptrend.

More Chiliz News

ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit. Going forward, investors can expect ICX to head lower and retest stable support barriers.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP