Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

DOGE/USD: Move Higher Delivers Speculation and Skepticism

By 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.

In late night trading, DOGE/USD flirted with the 25 cents juncture for the first time since the mid-September and speculators face a decision.

DOGE/USD nearly hit the 25 cents level in late night trading and, as of this writing, is traversing below the 24 cents level with rather fast conditions still threatening to swirl. The broad cryptocurrency market experienced a springboard higher yesterday, and a bullish trend has been established since the start of October. However, the reversals upwards for the digital assets have occurred after important support levels were being tested technically, including for DOGE/USD.

The question speculators now face is whether the recent turnaround in Dogecoin is legitimate and will gather more bullish momentum, or if they are about to be sucked into a void where they attempt to buy and find DOGE/USD suddenly reverses lower. The 25 cents barrier certainly proved to be a vital psychological juncture last night. When DOGE/USD was not able to penetrate this mark, the price began to erode. Speculators should watch the 23-and-a-half cents level as curious support. If this value can be sustained short term, it might encourage more buying on the belief DOGE/USD is going to consolidate and attempt a run higher.

However, if the 23-and-a-half cents ratio proves vulnerable, the selling produced near the 25 cents juncture late last night may prove to be more than mere profit taking. A move downwards below the 23 cents price might indicate that the recent buying was overdone and that the bearish cycle which has been a dominant feature of DOGE/USD for nearly a month is about to renew. With short-term resistance neatly being displayed near the 24 cents level, this allows speculators to wager on quick-hitting momentum. If the 24-and-a-half cents value is challenged again today, cautious buyers may be encouraged to pursue their visions for additional targets upward.

The broad cryptocurrency market appears ready to produce significant volatility short term, which mirrors other financial assets. Speculators certainly need to use their risk management wisely and protect their trading positions against spikes that could go in the wrong direction. If DOGE/USD traverses above 24 cents it may be a good buying opportunity for a fast trade that uses a solid price target above for quick results. If DOGE/USD moves below 23 cents, selling the cryptocurrency and aiming for the 22-and-a-half cents mark could prove to be worthwhile too. Conservative amounts of leverage are urged for traders today.

Dogecoin Short-Term Outlook

Current Resistance: 0.24260000

Current Support: 0.23400000

High Target: 0.250000000

Low Target: 0.22400000

DOGE/USD

Robert Petrucci
About 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.
 

Most Visited Forex Broker Reviews