Almost two weeks ago, DOGE/USD was showing a nice amount of momentum and technically looked like it could challenge the seven cents juncture above.
About two weeks ago, DOGE/USD was trading slightly below the seven cents juncture and demonstrating an ability to sustain its value. However, in the past ten plus days of trading, DOGE/USD has been able to not only puncture the seven, ten and twenty cents junctures, but it has grabbed the spotlight in the cryptocurrency world as the best performer among a group of stars.
DOGE/USD has done so well in the past week of trading that it now ranks as the fifth biggest cryptocurrency when considering market capitalization. While it would be nice to talk about technical capabilities for speculators that exist regarding DOGE/USD, it also might prove potentially amusing and dangerous. However, ‘amusing’ is exactly what DOGE/USD is to its creators, who started the cryptocurrency as a way to mock other digital currencies in their infancy.
As of this writing, DOGE/USD is trading within sight of forty cents. The cryptocurrency has produced a wild weekend in which fluctuations have been mesmerizing and vicious. On the 16th of April, DOGE/USD tested the forty-five cents level and, in early trading yesterday, a value slightly above twenty-four cents came into view. Speculators who were contemplating values of only five-and-a-half, six and seven cents two weeks ago now have to rethink their perspectives.
In the span of two weeks, DOGE/USD has delivered speculators a lifetime of opportunity. The gains within the digital currency have been massive and traders who have had the ability to gain from its rise may believe that DOGE/USD can traverse to half a dollar; in fact, the one-dollar mark may be a quest for a large crowd of Dogecoin dreamers.
Reality, however, can prove troublesome, and traders who have made profits and are still in their positions should seriously consider cashing in winning positions before they potentially vanish into thin air. Yes, perhaps DOGE/USD will continue going to the moon, but it also might produce a volatile ride downwards when the jubilation of its bubble evaporates. Speculating on higher values may be right, but cashing in profits may be wise too.
Traders who want to get involved in DOGE/USD are urged to use limit orders. The market is moving fast and price fills may prove rather exposed. Support and resistance levels are worth taking a look at for all wagers on Dogecoin. From a speculative viewpoint, buying may remain the best opportunity within DOGE/USD, but it might be best done on pullbacks towards technical support levels.
Dogecoin Short-Term Outlook:
Current Resistance: 0.39950000
Current Support: 0.32250000
High Target: 0.42800000
Low Target: 0.27270000