Speculators may be growing rather aggressive again within DOGE/USD as it adds onto its upward climb accomplished since the 3rd of February, when it was trading near 13 and half cents. The ability of Dogecoin to incrementally break through short-term resistance levels is intriguing as the speculative asset correlates well with the broad cryptocurrency markets. As of this writing, DOGE/USD is trading below the 16 cents mark.
Trading over the weekend remained optimistic with a bullish trend achieving a high mark slightly above 16 cents late last night. While this recent handful of days ,which has produced gains, will certainly be welcomed by buyers who remain in favor of wagering on DOGE/USD upside, technical charts also clearly show that an important price range is languishing just above. Skeptics may be ready to start selling if they believe a reversal is about to be delivered lower.
DOGE/USD is trading within the realms of its value when it and the broad cryptocurrency market started to come under strong downward pressure late in the third week of January. For the moment, yes, DOGE/USD has been able to climb and challenge higher price levels. The 16 cents mark which is very close could prove to be important. If this juncture is punctured higher and sustained for a serious duration of time it could be an attractive signal to speculative bulls.
On the 22nd of January, DOGE/USD was trading a hair below the 12 cents mark when a violent downward spike occurred. The gains made since that low water value was hit have produced a 25% gain as Dogecoin trades within sight of 16 cents. Speculators who trade DOGE/USD need to understand the size of the percentage moves capable of being displayed and its potential impact on a wager.
Looking for upside potential via DOGE/USD may prove to be a wager worth pursuing if a trader believes the short-term trend has additional room to climb. If DOGE/USD is able to break resistance near the 0.16150000 mark and sustain, the cryptocurrency could continue to move upwards and challenge ratio seen from the 17th until the 20th of January. If the broad cryptocurrency market stays optimistically energetic, there is reason to suspect the 17 cents level will become targeted. Traders need to use their risk management wisely and stop losses when trading DOGE/USD; it remains a volatile wager at all time.
Dogecoin Short-Term Outlook
Current Resistance: 0.16150000
Current Support: 0.15310000
High Target: 0.16970000
Low Target: 0.14450000
