DOGE/USD staged a higher reversal yesterday, but was met again by headwinds and technical traders have important decisions to make short term.
DOGE/USD is hovering over 14 cents as of this writing; this has occurred after Dogecoin was able to produce upwards momentum yesterday and challenged the 15 and half cents resistance level briefly. Despite the proven ability to stage a price recovery yesterday, DOGE/USD maintains a middling short-term price range and has not been able to escape the grasp of nervous sentiment which is certainly pervading the broad cryptocurrency market.
Speculators who still favor Dogecoin as their go to cryptocurrency wager and believe upside price action is bound to return may continue to think DOGE/USD has been vastly oversold. However, DOGE/USD largely moves based on behavioral sentiment which is generated by its influencers such as Elon Musk and not even his ‘magic genie’ in the bottle voice has been able to talk Dogecoin higher recently.
The broad cryptocurrency market was able to stage a price recovery yesterday, but it proved short-lived. While many of the major counterparts of Dogecoin are higher than their lows seen earlier in the week, they, like DOGE/USD, have not escaped their mid-term bearish trends which are still clearly visible to all traders.
Wagering on upside potential may seem like a solid bet to some DOGE/USD traders, but it is urged that buyers look for quick-hitting trades that target resistance levels. Until DOGE/USD escapes its current price range and surpasses 16 cents, the short term remains rather tempting for more reversals lower to develop. Cautious traders can buy DOGE/USD near support levels like 14 cents and look for fast results while targeting 0.14750000 perhaps, but being overly ambitious and not cashing out winnings could turn into a costly affair if the bearish nervousness in the market remains steadfast. In other words, be on the lookout for reversals lower should short term higher moves develop.
Traders who are willing to look for additional downside action may be proven right. Conservative traders may actually want to wait for momentum to be exhibited in DOGE/USD by selling only after the cryptocurrency has broken through short-term support. Entry orders to sell DOGE/USD just below 14 cents could prove effective if support levels at 0.13750000 to 0.13550000 ratios are targeted by speculators. If DOGE/USD breaks below the 0.13250000 level in the near term, further downside action can be anticipated by bearish speculators.
Dogecoin Short-Term Outlook
Current Resistance: 0.14750000
Current Support: 0.13670000
High Target: 0.15380000
Low Target: 0.11750000
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