As of this morning, DOGE/USD is within the midst of another push lower which is certainly within sight of long-term lows. Over the past weekend, Dogecoin traded slightly below the 12 cents levels and the value of DOGE/USD is now near 13 and half cents. Speculators who believe DOGE/USD is oversold and is going to rebound higher need to also consider the potential, that the bearish trend the cryptocurrency is suffering may actually last longer than they can sustain a position which seeks a change of fortune.
The broad cryptocurrency market continues to flirt with lows and, while a slight move higher was attained late yesterday, headwinds have begun to prevail again. DOGE/USD has been the darling of speculative traders who enjoyed the notion of betting on a coin with no utilitarian value, except as a barometer perhaps regarding the sentiment within the larger cryptocurrency market. Dogecoin has enjoyed the ‘favor’ of influential people like Elon Musk.
However, in the midst of its current storm, DOGE/USD may not get a seal of approval from many large traders unless they are willing to lose a large amount of their speculative position. DOGE/USD is traversing prices it has not seen since April of last year. If DOGE/USD falls through the 12 cents level and breaks through the 10 cents barrier, this could set off a serious amount of fear within long-term holders of Dogecoin.
The health of the cryptocurrency market at this time is surrounded by nervousness. Traders who want to speculate on DOGE/USD may want to wait for slight reversals higher in order to ignite selling positions which target nearby support levels. Volatility remains a fixture for Dogecoin. Regarding its current value, traders need to acknowledge a move of a couple of cents equates into nearly a 10% move. Leverage should be used conservatively by traders, if at all.
DOGE/USD may have gained slightly yesterday, but the bearish trend within the cryptocurrency remains strong. Betting against the current trajectory can be done, but traders looking for upside momentum need to make sure they have stop loss orders in place. DOGE/USD is near important support levels and if they are proven vulnerable, Dogecoin could find itself trading within a value range which has not been seen since the second week of April when it had a value of only 8 cents. Be careful out there.
Dogecoin Short-Term Outlook
Current Resistance: 0.14850000
Current Support: 0.12100000
High Target: 0.15900000
Low Target: 0.09500000
