DOGE/USD has suddenly turned consolidated and displayed rather durable resistance the past day as traders are likely looking at technical charts suspiciously.
DOGE/USD is trading below the 16 cents level as of this writing. After continuing to display solid upwards momentum earlier this week, Dogecoin has seemingly run into resistance the past day and is signaling consolidation. Speculators will have an important decision to make with their short term wagers regarding potential directions and need to remember that DOGE/USD has the capability of producing large percentage changes in the wink of an eye.
Having come off of lows seen in January, DOGE/USD has certainly responded with a positive run higher. However the trading action from the past two days is beginning to show signs of eroding bullish action. The question is if this sudden loss of buying momentum is occurring while traders prepare for another additional push higher or more ominously – has the two week positive tone seen in DOGE/USD ready to actually get weak and reverse lower with gusto?
DOGE/USD remains within the lower depths of its price range, and a couple of days of selling and poor results could send the speculative asset to within sight of depths which would be considered dangerous for Dogecoin. The entire broad cryptocurrency market has done rather well the past two weeks and created smiles among influencers and proponents again, but if the bullish rally is not able to break above resistance levels which prices are currently struggling to penetrate higher, this could be a negative sign and cause worry.
If DOGE/USD remains under the 16 cents value and is not able to sustain value above this juncture in the near term, this could cause nervousness to mount. Skeptical DOGE/USD traders may be inclined to wager on further downside price trajectory if the 15 and half cents ratio is broken lower. And moves towards 15 cents after a failed attempt to surpass 16 cents in the short term could spark the perception more downside trajectory will be seen.
Traders should remember to use leverage carefully with DOGE/USD because small moves can equate into big percentage changes of value. If a speculators wants to sell DOGE/USD and aim for nearby support levels as a take profit wager this could prove to be a worthwhile choice if quick hitting results can be made. For speculators who want to be buyers, perhaps waiting for the 0.16100000 to be toppled and value proved durable could be a signal 17 cents is a capable target for those who want to be long DOGE/USD.
Dogecoin Short-Term Outlook
Current Resistance: 0.15970000
Current Support: 0.15500000
High Target: 0.16630000
Low Target: 0.14470000
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