DOGE/USD: Speculative Opportunity as Tight Range Entices

Robert Petrucci

DOGE/USD remains within lower part of its one-month range, but support levels have incrementally increased the past two days of trading.

Speculators have an important decision to make regarding their perceptions technically on DOGE/USD’s direction. Dogecoin remains within the lower price band of its one-month range, but has shown a tendency the past couple of days to incrementally increase its support levels. As of this writing, DOGE/USD is trading below 33 cents. Before traders decide to be buyers of DOGE/USD, they might also want to acknowledge that resistance levels have also become rather durable.

DOGE/USD did trade above 33-and-a-half cents a couple of days ago, but the last time Dogecoin seriously traded above 34 cents was on the 10th of June. The past week of trading has produced a fairly consolidated range for DOGE/USD with lower support ratios holding strong slightly above the 30 cents ratio. The broad cryptocurrency market appears to be getting some positive impetus the past day because Bitcoin has performed better, which certainly has an effect on behavioral sentiment.

DOGE/USD remains a volatile cryptocurrency and traders should not be fooled by the relative tranquil waters being displayed in the short term. Speculative wagers should be conducted with proper risk-taking tools via limit orders. Traders who continue to hold onto their optimistic, long-term, bullish outlooks for DOGE/USD may see the current price levels as an opportunity to buy near the bottom.

Technically, the 32 to 31 cents junctures have produced rather comfortable reversals higher since the end of May. Yes, there have been outliers with a couple of quick spikes which have tested the 30 cents ratio, but bearish sentiment has not been able to puncture the lower marks and sustain values beneath these depths consistently.

DOGE/USD may be presenting a short-term opportunity to buy on slight dips towards current support levels while aiming for a push higher. DOGE/USD can move fast, so traders are urged to have legitimate take-profit orders effectively entered on their trading platforms so they can take advantage of volatility before it works against them.

Technically via a short-term perspective, wagering on bullish momentum to produce a challenge to existing resistance levels does look like a logical speculative bet. After facing strong headwinds the past week, perhaps it is time for DOGE/USD to produce a slight climb higher that can be taken advantage of, particularly if support levels prove durable.

Dogecoin Short-Term Outlook:

Current Resistance: 0.33330000

Current Support: 0.32230000

High Target: 0.34370000

Low Target: 0.31200000

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.

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