DOGE/USD has produced a move higher since hitting lows around the 22nd of June near the 16 and half cents ratio. As of this writing, Dogecoin is trading within sight of the 27 cents mark, but DOGE/USD has had a difficult time breaking through resistance consistently and has not traded above 30 cents since the 18th of June.
The ability to produce some gains the past week as July gets ready to begin can be taken as positive news by bullish speculators, but DOGE/USD remains an ever volatile cryptocurrency because at its core its value depends almost exclusively on speculative elements. After trading near celebrated highs in early May as the cryptocurrency market enjoyed a vast array of exuberance, DOGE/UDSD has sincerely struggled. Speculators who bought at the lows on June the 22nd may believe they have conquered a summit, but DOGE/USD still must climb higher to convince many others to believe it has the ability to achieve loftier targets.
The month of June started off rather positively for DOGE/USD, but this success was short lived and the highs attained on the 2nd of the month were never really challenged again. Having traded near 44 and half cents on the 2nd of June, an incrementally lowering of resistance has developed which climaxed when the lows on the 22nd were touched near the 16 a half cents mark. Yes, DOGE/USD has climbed, but for traders to take its recent gains seriously the cryptocurrency likely needs to topple the 30 cents level and sustain value there for a duration to build confidence.
The broad cryptocurrency market remains within a specter of nervous sentiment. Certainly there is a vast sea of influencers proclaiming DOGE/USD is a solid investment, but speculators need to examine technical charts and form their own opinions. Dogecoin has a habit of creating rather impressive trends, but recent trading has not demonstrated enough staying power with upside movement quite yet in order to declare the bearish trend is dead.
Dogecoin Outlook for July:
Speculative price range for DOGE/USD is between 14 and 45 cents.
DOGE/USD continues to create a whirlwind of volatility in both directions for speculators. Trading of this cryptocurrency should always be done with a careful amount of risk taking tactics. Experienced participants of Dogecoin understand that the percentage changes in value on a daily basis can often be breathtaking and a strong dose of emotional stamina is needed. This is helped when a conservative amount of leverage is being use.
Traders who continue to believe downside price action is attractive will want to keep their eyes on resistance levels near the 28 and 30 cents junctures. If DOGE/USD is not able to break above these marks and sustain value, traders can certainly aim for the 25 cents level and below. If the 25 cents mark falters and the 24 and 23 cents ratios tumble quickly, traders cannot be blamed for believing twenty cents will again become a target. If market sentiment in the broad cryptocurrency market turns sour in July, it isn’t a reach to believe lows seen in June could be tested again and prove vulnerable.
If DOGE/USD is able to break above the 28 and 30 cents levels with solid velocity and sustain values above these junctures, then if may signal another dose of speculative buying is underway. The question is how high DOGE/USD can go as it climbs. Not having been able to traverse over 40 cents since early June makes targeting this level difficult. Traders should remain conservative if they are buyers, and use quick take profit orders so they do not watch their winnings vanish into thin air.
