DOGE/USD: Critical Values Traversed as Momentum is Pondered

Robert Petrucci

DOGE/USD is searching for impetus as it straddles an important value range and speculators contemplate its next wave of momentum.

DOGE/USD is within the middle of its one-month range. The cryptocurrency is testing an important support level in early trading today, and the past few days have produced incremental weakness with a low on the 23rd of February hitting a level near boundaries slightly above four cents. Speculators who remain bullish regarding DOGD/USD may be quick to point out that in early February the cryptocurrency was trading barely above three cents.

DOGE/USD remains a speculators playground. Yesterday’s lows were followed by a quick reversal higher in which the six cents juncture came into view. Trading volumes within DOGE/USD remain rather light and leave the door open to volatility and swift price action when larger transactions do take place for the cryptocurrency.

As of this morning, DOGE/USD is traversing important short-term support levels, and if the current marks around the 0.05300000 fail to hold, it could certainly set the table for another move lower and a retest of yesterday’s lower values. If DOGE/USD is able to sustain its current support levels however, this could set the stage for an additional leg upwards. Dogecoin remains a cryptocurrency that often reflects the overall sentiment of the marketplace.

DOGE/USD has lost some of its speculative luster since the publicity generated when Elon Musk spoke about its appeal. However, the cryptocurrency remains actively traded, and its ability to sustain higher values since its rise from below a value of one cent since late January is noteworthy. Speculators of DOGE/USD can use technical charts to justify their perceptions.

Current resistance for DOGE/USD appears to be the 0.05800000 to six cents range. Short-term traders who believe that another stroke of bullish sentiment will occur for Dogecoin may want to focus on those ratios as take-profit targets. Traders are strong advised to continue using limit orders to enter positions, and have their stop-loss and take-profit orders working at all times on their chosen trading platforms.

Traders who believe DOGE/USD may be running out of power temporarily and think it will retest lows made yesterday cannot be faulted either. An abundance of volatility exists within Dogecoin and aiming for support levels touched yesterday are enticing.

Dogecoin Short-Term Outlook:

Current Resistance: 0.0580400

Current Support: 0.05300000

High Target: 0.06080000

Low Target: 0.04260000

Doge/USD chart

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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