DOGE/USD hit a low value of nearly 16-and-a-half cents late last night. This value highlights that Dogecoin has lost approximately half its value in the past week of trading. DOGE/USD did remarkably well during the speculative wave of exuberance which impacted the broad cryptocurrency market since late last year. DOGE/USD hit a high of nearly 74 cents on the 7th of May. Unfortunately, those days of glory are beginning to look like distant memories, particularly for bullish traders who may have wagered on better things to come.
DOGE/USD remains locked within a strong bearish selling cycle and, after hitting yesterday’s lows, Dogecoin remains below the 20 cents juncture. Intriguingly, DOGE/USD is still within a price range which was tested the third week of April, and this may leave the door open to additional bearish activity if the cryptocurrency is not able to find enough buyers at its current prices.
DOGE/USD’s current price would have been perceived as cheap technically last month by many, but DOGE/USD trading volumes appear to remain relatively low at its current cost. Last night’s low of nearly 16-and-a-half cents has not attracted a wave of speculative bulls. On the 23rd of April, when DOGE/USD tested the 14 and 15 cents levels with a sudden spike downwards, Dogecoin was able to muster bullish sentiment and was trading near 29 cents one day later.
However, DOGE/USD does not seem destined for a bullish counterattack quite yet. The trend of DOGE/USD has been bearish since early June and resistance levels have begun to look not only strong, but hard to challenge with sustained moves. The 20 cents juncture now looms as important resistance for DOGE/USD and, if it is not able to be toppled, this could set off an additional wave of selling.
DOGE/USD remains a speculative wager in either direction for speculators. The loss of half its value in nearly a week’s worth of trading signifies the ability DOGE/USD has to move rapidly. Traders who have the desire to sell DOGE/USD and use carefully selected stop losses may want to pursue bearish positions still within the cryptocurrency. The juncture of 19 to 18 cents does look intriguing as short-term price targets.
Dogecoin Short-Term Outlook:
Current Resistance: 0.20000000
Current Support: 0.18950000
High Target: 0.23280000
Low Target: 0.14250000
