DOGE/USD traded to a long term low of nearly 0.10680000 on the 24th of February. Only two days later DOGE/USD climbed to nearly 0.13050000, which was a gain of above 22%. However for traders to achieve this profitable result it means they needed to catch the market at its lows and sell at the high. Some may claim to have been able to produce that stellar result, but for most mortal traders catching the market at exactly the low and cashing out at the high remains difficult.
DOGE/USD like the broad cryptocurrency market remains mired within nervous sentiment. Intriguingly Dogecoin has also started to consolidate the past few days of trading and it has seen its resistance level become rather durable.
The 13 cents level now feels like a considerable distance when looking at short term technical charts. Yes, DOGE/USD could demonstrate a wave of volatility that breaks this short term technical viewpoint rather quickly, but for the moment a definite tide of positive sentiment will have to be unleashed to break through the current resistance juncture.
Having hit a low of below 11 cents only four days ago in DOGE/USD may continue to linger within the minds of speculators. While DOGE/USD did not break below the 10 cents level, which may be viewed a key psychological barrier by Dogecoin speculators, it remains rather dangerously close to this touchstone. If the 12 cents support ratio begins to be challenged in the short term, some traders may believe aiming for 11 and half cents to be a real target.
DOGE/USD has seen its short term price range get tighter. The current consolidation within the cryptocurrency suggests a break out is about to occur. However DOGE/USD has been locked within a longer time bearish trend, so looking for dynamic upside price action may be overly ambitious for bullish speculators. Going long DOGE/USD may prove to be best if short term ambitions are kept realistic and resistance levels which are nearby are used as take profit opportunities.
Traders who want to sell DOGE/USD and are cautious may want to wait for slight reversals higher. Firm entry price orders are urged for speculators who want to wager on Dogecoin. Perhaps selling DOGE/USD near the 12 and half cents ratio and looking for downturns in value could be considered a worthwhile wager.
Dogecoin Short Term Outlook:
Current Resistance: 0.12750000
Current Support: 0.12100000
High Target: 0.13050000
Low Target: 0.10900000
