DOGE/USD continues to create a world of laughs for it bullish backers and speculators who may have been rewarded handsomely the past month.
DOGE/USD began the month of April trading near five and half cents. As the month of May gets started the cryptocurrency is trading almost comfortably above the thirty cents level. Fueled by a speculative push and a flurry of influence backing on social media, DOGE/USD surged to highs of nearly 45 cents in the middle of April. Created as a way to mock the world of cryptocurrency, DOGE/USD has become a legitimate speculative asset.
While the highs of mid-April were not able to be sustained and a low of nearly 15 and half cents was experienced on the 23rd of April, DOGE/USD has delivered everything true speculators could hope for. The ability to climb nearly ten times the amount of its value in a single month highlights the dynamics of its trading landscape. Speculators of DOGE/USD may have been able to profit substantially in April and some have likely cashed in their winning positions and are wondering if there is another leg up which can be attained.
The past few days of trading in DOGE/USD have created what can loosely be defined as a consolidated range as the cryptocurrency hovers within sight of 32 cents. The ability to create a level of support over thirty cents should be watched carefully and if the juncture proves it can sustain its value, speculators may have reason to suspect the bullish momentum of DOGE/USD has not seen its last run higher.
DOGE/USD is a fast moving speculative cryptocurrency. However its ability to climb higher and not produce exceptionally wild selloffs the past week is noteworthy. Traders definitely need to use limit orders when trading Dogecoin to protect against rather awkward price fills and as a defense in case the market moves in the wrong direction.
Speculators who are inclined to try and pursue the bullish momentum of DOGE/USD may want to use support levels near the 31 to 30 cents marks as a lynchpin for activating long positions. If DOGE/USD sinks below the thirty cents mark it should be watched carefully to see where technical and behavioral sentiment traverse. Buying DOGE/USD continues to look like a rather attractive speculative wager.
Traders who enjoy a good speculative bet may enjoy the swift waters of DOGE/USD. However, they should not get too greedy and if winnings are produced, traders should think about cashing them in and not letting them vanish with unintended reversals.
Dogecoin Outlook for May:
Speculative price range for DOGE/USD is between eighteen and fifty cents.
DOGE/USD proved via April’s trading that any predicted price range remains a rather humbling endeavor. However the support level near 29 and half cents looks important. If this juncture is tested and proves vulnerable 28 cents could become a focus. If this value falters the 25 cents level will be considered, which has essentially proven strong since the 24th of April. If profit taking continues to find momentum, a test of the 18 cents mark may be in the cards.
Buyers last month might have thought a high of ten cents would have felt like a worth achievement in DOGE/USD. Buying momentum has proven it has the teeth to create new highs which make predicted expectations look rather foolish. However the 34 to 35 cents price does appear to have some teeth as resistance short term. If this mark is punctured higher traders will eye the 37 cents mark. If momentum continues to build, bullish sentiment fueled by speculative buying could test highs above the 42 cents level. If value can be sustained above 42 cents, traders will have record highs on their minds and the 50 cents juncture could be a legitimate target.