DOGE/USD is trading above 6 and half cents in early trading this morning. One of the darlings of speculative bettors, DOGE/USD managed to produce a rather impressive run higher last week. On the 18th of June DOGE/USD was trading slightly below the 5 cents ratio and on the 27th Dogecoin suddenly found itself near 0.07850000. The move higher was a wildly successful gain in value from a percentage viewpoint for short term buyers who caught the positive move upwards.
However, the past few days of DOGE/USD have seen speculative elements who were buying start to loss power and disappear. Like the broad cryptocurrency market which DOGE/USD reflects, the cryptocurrency has seen values begin to incrementally drop and support ratios once again come into view. The long term bearish trend DOGE/USD has suffered from is still strong, and technical perspectives likely do not look positive to many speculators presently.
If DOGE/USD is not able to topple current resistance which appears to reside slightly below 7 cents and the broad cryptocurrency market remains fragile, there is reason to suspect another round of selling could develop for Dogecoin sooner rather than later. Certainly the reversal higher produced starting on the 18th of June until the 25th are stark reminders upwards movement can occur, but skeptics may believe the selling which began to show strength again a couple of days ago may continue near term.
If support near 6 and half cents begins to falter, DOGE/USD could certainly find the 6 and a quarter cents ratio is a target quickly. The last time DOGE/USD traded near the 6 and a quarter cents ratio with a sincere amount of price action was on the 23rd of June. This price level could prove crucial for traders, because if it should suddenly prove vulnerable the 6 cents target could be legitimate for speculative selling targets.
DOGE/USD continues to prove a good behavioral sentiment barometer for the broad cryptocurrency market. Dogecoin’s upward mobility in the recent past is intriguing because it may have been a speculative push higher, produced by big bets based on the notion support under five cents could be durable for a while. However, the long term bearish trend in the cryptocurrency is still strong and DOGE/USD may prove to be a worthwhile selling wager for the near term. There appears to be room for DOGE/USD to traverse lower.
Dogecoin Short-Term Outlook
Current Resistance: 0.0698000
Current Support: 0.06440000
High Target: 0.07320000
Low Target: 0.05840000