DOGE/USD is a volatile cryptocurrency and experienced traders are likely accustomed to its rather persistent habit of producing large changes of value via percentages in a single day. The past day-and-a-half for Dogecoin, however, has actually seen a rather tight price range take hold, and support is near the 25 cents level, while resistance above is a touch below 26 cents. As of this writing, DOGE/USD is traversing near 25-and-a-half cents.
DOGE/USD, like all the major cryptocurrencies, has been beaten backwards over the weeks as the exuberant bubble-like conditions have diminished. Intriguingly for speculators, a rather tidy support ratio has developed over the past week a bit below the 23 cents ratio, while highs have been attained close to 29 cents. Before traders act on those numbers and decide to buy DOGE/USD, they should consider that resistance since reaching the short-term high water marks have incrementally lowered and the 26-and-a-half cents ratio may prove tough to achieve.
The broad cryptocurrency market remains perplexing. Important support has been tested the past couple of weeks and many digital currencies remain within sight of these levels. While there has certainly been some movement upwards, the rise in values has not been astonishing and technically speculators need to consider their perceptions astutely.
If the 25 cents support level proves to be vulnerable this could create additional nervousness for DOGE/USD and a legitimate test of the 24 cents mark could develop swiftly. On the other hand, if DOGE/USD begins to close in on the 25.85000000 juncture, this could be a sign that momentum could test the 26 cents value and slightly above. Traders should not expect the tight price range which has developed the past day-and-a-half to remain; this creates speculative opportunity for the aggressive.
Speculators who have been pursuing bearish momentum might not be ready to suddenly become buyers. The trend within the broad cryptocurrency market remains within the lower depths of mid-term price bands and the same is true for Dogecoin. Traders may be tempted to sell DOGE/USD on slight reversals higher and initiate their short positions. Until DOGE/USD can prove it has the ability to deliver consistent moves upward, selling the cryptocurrency remains a logical decision.
Dogecoin Short-Term Outlook:
Current Resistance: 0.25910000
Current Support: 0.25050000
High Target: 0.26410000
Low Target: 0.23880000
