After starting the month of August still within sight of lows created on July the 20th, which saw a depth of nearly 16 cents, DOGE/USD has correlated well with the broad cryptocurrency market. A high on the 16th of August was achieved above the 35 cents level and since hitting this upper mid-term ratio which hadn’t been seen since the 9th of June, DOGE/USD has slumped in values slightly.
However, the decline in value has not been extremely volatile for DOGE/USD and, as the cryptocurrency gets set to enter September, speculators now have a decision to make. The trend of DOGE/USD has been positive since the last week of July, and the recent slump in prices has not broken what could be considered a technical trend line. A low of around 26 and half cents was seen on the 26th of August, but if conditions remain stable, traders may view recent results with a positive nature.
DOGE/USD can certainly produce sudden spikes which destroys any notion of tactical considerations regarding technical endeavors. Its ability to create volatile percentage changes in value must always be considered when wagering. Dogecoin remains a magnet for social traders who collectively try to take action and cause affect. Influencers within DOGE/USD also remain a force which has the capability of causing rather extreme days of trading. However, what is interesting about the month of August results for DOGE/USD is that the cryptocurrency behaved in a technically proficient manner compared to its major counterparts.
There are no guarantees that tranquil results will continue in DOGE/USD that will mimic the broad cryptocurrency marketplace. Yet the demonstration of a high on the 16th of August closely aligned with price action with major counterparts. The recent dip in prices too also fits the exhibition of value ranges within the cryptocurrency market rather nicely. While a decline has been produced, DOGE/USD remains within the upper boundaries of its mid-term price range when a three-month chart is contemplated. The question is where the equilibrium for Dogecoin stands. Obviously the price of DOGE/USD has a rather meager rational regarding ‘real’ value. This is a speculative asset with little utilitarian purpose except as a means to profit via wagering.
Dogecoin Outlook for September
Speculative price range for DOGE/USD is between 18 and 44 cents.
DOGE/USD is currently trading near the 28 cents juncture and important support is near the 25 cents ratio. If the current value of DOGE/USD is able to sustain and does not drop below the 26 cents ratio, the cryptocurrency is positioned nicely to challenge high water marks again which were seen in the middle of August. The 30 cents level could be crucial psychologically for some traders, but this could prove to be a false flag, meaning it could be used to suck traders in before a selling event suddenly is ignited.
Cautious traders may want to wait until DOGE/USD trades above the 33 cents mark and proves it can sustain its value above. If the 35 cents level is targeted and DOGE/USD is achieving a strong dose of trading action in a positive broad market, Dogecoin could certainly achieve highs of 40 cents and beyond.
However, if the 26 cents levels starts to look vulnerable and the broad cryptocurrency market begins to drift lower, traders could not be faulted for believing another bearish trend is about to occur. If the 25 cents mark is punctured it could mean weaker values quickly come into view. Having traded near lows early in August, unfortunately those values are not a distant memory and if difficult headwinds reemerge for DOGE/USD the 18 cents level is not that far away and could be revisited.
