DOGE/USD traded beneath the 25-cent mark this weekend, which almost replicated price action from the 19th of May, during a flash crash, and brought it within sight of a trading range seen the last week of April. Dogecoin remains a vital speculative cryptocurrency, and its record value of nearly 75 cents on the 7th of May is still firmly within the memory of its traders.
However, the broad cryptocurrency market remains within a storm of volatility as sellers have created a pronounced amount of nervous sentiment. The current price of DOGE/USD is near the 35 cents level as of this writing. Resistance near the 37 to 39 cents junctures does look important. Conservative traders who remain faithful to their bullish perspectives may want to see the current resistance levels which are seemingly producing headwinds penetrated before igniting buying positions.
Aggressive bullish traders may be tempted to buy DOGE/USD within its current price vicinity and use the 37 to 39 cents junctures as a target for take-profit opportunities. However, speculators who remain unconvinced about the short-term capability of DOGE/USD to sustain a solid move higher may want to use the aforementioned resistance levels as a place to launch their short positions and aim for support levels below.
DOGE/USD remains a favorite of cryptocurrency speculators and can be viewed as a curious barometer of broad sentiment. Resistance levels in Dogecoin should be watched carefully to monitor the potential for changes to speculative behavior. Technically, DOGE/USD certainly needs to puncture existing current resistance levels and sustain its price above these junctures to validate a bullish signal. Until then, DOGE/USD remains within the hold of a cryptocurrency market which appears to have the potential to test lower values.
Selling DOGE/USD within its current price range remains attractive if resistance levels continue to push the cryptocurrency backwards. Cautious traders may want to wait for slight reversals higher to try and take advantage of downside momentum they believe will ensue. The past week of results within cryptocurrencies and DOGE/USD highlight the need for risk management. Traders need to be alert and ready for fast conditions which may be demonstrated with lightning speed. A speculative wager shorting DOGE/USD looks enticing.
Dogecoin Short-Term Outlook:
Current Resistance: 0.37010000
Current Support: 0.33300000
High Target: 0.41100000
Low Target: 0.27750000
