DOGE/USD achieved new short-term highs two days ago when it traded solidly above six cents for a brief moment. The better values seen on Monday challenged prices not demonstrated since the middle of February when Dogecoin was still within the midst of a speculative glow which was fueled with the help of comments made by Elon Musk earlier.
DOGE/USD has lost some of its luster since being caught up in a media rage, but it remains a solid cryptocurrency wager for traders who can move fast and use limit orders to take advantage of incremental moves. As of this writing, DOGE/USD is trading above the five-and-a-half cents level and this has been delivered with volatility.
Dogecoin remains capable of quick moves. When it is taken into perspective, DOGE/USD moved from slightly above five cents on the 7th of March, and up and above six cents one day later, so traders may feel a slight tinge of danger when they calculate the capabilities of 20% moves and what can happen to a trading account when leverage is not used properly.
Speculators need to use limit orders when trading DOGE/USD. Technical charts are an extremely useful tool to accomplish a solid risk-taking framework. When making short-term trades with an asset that can move fast, produces sudden spikes and has the capability of trading with a twenty percent change in net value within a few hours, sometimes a few minutes, it may be time to consider if the asset is worth the trouble.
However, DOGE/USD remains an attractive speculative endeavor for those same reasons and the technical notion that its value range can be interpreted rather enticingly. The current value of DOGE/USD has it placed in the middle of its short- and mid-term ranges. Speculative sentiment within cryptocurrencies remains steady in the short term. After sustaining a downward price trend which produced a low of just above four cents on the 23rd of February, DOGE/USD has proven it has the durability to climb higher again.
Buying DOGE/USD on small pullbacks that come close to current short-term support levels near five-and-a-half cents and below may prove to be a worthwhile speculative wager. Traders should definitely use limit orders to make sure their price fills meet their expectations and they should have their stop loss and take profit positions working at all times too.
Dogecoin Short-Term Outlook:
Current Resistance: 0.05820000
Current Support: 0.05480000
High Target: 0.06010000
Low Target: 0.05300000
