On the 5th of April, DOGE/USD was trading near the 18 cents juncture as cryptocurrency traders pushed the broad market higher and Dogecoin to solid gains. DOGE/USD appeared as if a return to speculative bullish markets may gather steam, and the strong wave of positive momentum likely had speculators dreaming about the 20 cents realm again for Dogecoin.
However, the past week of trading has turned sour and support levels clearly have been put under pressure. This weekend saw a return of quick velocity regarding prices and further downside action develop. And in the past day, support levels have been made to look more vulnerable and nervousness has returned to the broad cryptocurrency market. DOGE/USD is now trading near the 13 and half cents ratio as of this writing.
The last time Dogecoin was trading near the 13 cents mark was on the 1st of April, on 14th of March DOGE/USD was trading near the 11 cents level. DOGE/USD serves as a barometer for traders if they compare its speculative results to the broad cryptocurrency market. DOGE/USD is not the darling it once was for wagering in cryptocurrencies, having been replaced in many respects by the like of Shiba Inu and some others. However, DOGE/USD certainly reflects behavioral sentiment in the digital assets realm.
The notion now exist technically that DOGE/USD is a reactive cryptocurrency instead of a proactive speculative wagering tool. This consideration leads itself to the belief that DOGE/USD could be a trade that technical speculators can use to wager on direction they perceive because of the direction that has already been displayed in the broader cryptocurrency sphere. The current price trend has turned negative and the return of nervous sentiment should be strongly considered.
If a speculator believes more fragile trading is about to be generated in the broad crypto market, they may want to be sellers of DOGE/USD near term. If DOGE/USD breaks below the 13 cents mark in the short term, speculators could not be blamed for believing the 12 and half cent juncture is a legitimate target if downward conditions prevail. DOGE/USD may have additional room to sink if trading conditions in the broad cryptocurrency market do not show positive sentiment soon.
Dogecoin Short-Term Outlook
Current Resistance: 0.13850000
Current Support: 0.13300000
High Target: 0.14400000
Low Target: 0.12050000
