DOGE/USD: Sustained Values Attracting Short-Term Speculation

Robert Petrucci

DOGE/USD is treading near record highs, and speculative forces may be attracted to Dogecoin because it is showing signs of sustained values.

DOGE/USD remains within a swell of strong speculative force as it trades near record values. Yesterday, all-time highs were made in DOGE/USD and, intriguingly, the cryptocurrency has managed to maintain its values and not suffer from a serious reversal lower the past handful of trading days. Dogecoin certainly remains a dynamic speculative asset, and wagering on its price does carry the risk of positions going in the wrong direction.

However, since the 23rd of April, after DOGE/USD suffered a flash crash and almost touched the 15 cents ratio, the cryptocurrency has proven to be resilient and created incremental moves upward. Technically, DOGE/USD has illustrated a rather healthy dose of sustained prices within the past ten days of trading. Also, since the 28th of April, DOGE/USD has gone from a low of nearly 25-and-a-half cents to its current price vicinity, which has 44 cents within sight.

Curiously, the value of DOGE/USD is now showing some ability to maintain highs and trade above the values it achieved on the 16th and 18th of April when it enjoyed a wave of social media attention and backing from large influencers such as Mark Cuban. DOGE/USD has now created a rather solid-looking, short-term support level for traders to use as protection above the 40 cents mark. Traders must take into consideration the potential that Dogecoin can generate swift reversals lower and use risk management tools effectively.

Conservative traders who are attracted to the bullish trend within DOGE/USD cannot be blamed and they may be enticed by the potential for higher moves. Technically, picking resistance levels at the current heights for DOGE/USD looks tricky, because the marks being aimed for are record high values. Traders should be on the guard for the potential of profit-taking to emerge with DOGE/USD, but if current price ratios are sustained and trading volumes remain solid, being a buyer looks to be a good speculative wager.

DOGE/USD and the broad cryptocurrency market continue to deliver a volatile trading environment. The record levels being achieved and broken on a consistent basis may tempt some traders to look for reversals, but bullish momentum continues to prove durable and being a buyer while use good risk-taking tactics may be worthwhile short term.

Dogecoin Short-Term Outlook:

Current Resistance: 0.44600000

Current Support: 0.40800000

High Target: 0.46500000

Low Target: 0.39400000

DOGE/USD

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.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.