DOGE/USD has surged higher in early trading this morning, but before speculators look for huge percentage changes, they should note the consolidated range.
DOGE/USD has moved within sight of 14 and half cents in early trading this morning. Two days ago DOGE/USD was trading near a low of 13 and one/third cents. The move higher has been strong and fast, but it must be noted that the pace upwards took place in a rather consolidated framework. DOGE/USD for all of its ‘implied’ volatility has actually been rather tranquil when compared to its results of the past.
DOGE/USD does not seem to be the leader of the pack anymore regarding speculative interest from cryptocurrency traders. Once the darling of traders, Dogecoin can be argued to have been a leading barometer of sentiment within the digital asset world, but its status as the most appealing speculative cryptocurrency seems to have been replaced by the likes of Shiba Inu. Perhaps too, cryptocurrency has become more ‘mature’ and traders are leaning more towards digital assets with stated utilitarian reasons for existing.
However, whether or not DOGE/USD is now a proactive cryptocurrency which serves as a barometer of things to come in the broad cryptocurrency market, or if it is only a reactive cryptocurrency, Dogecoin remains a worthwhile speculative property. If DOGE/USD is merely reacting to the sentiment in the broad cryptocurrency market, its trading does represent what has been seen in the bigger trading sphere. Choppy conditions have been demonstrated in DOGE/USD and it reacted to lows on the 18th of April with a sudden burst upwards, mirroring many of the other major cryptocurrencies.
If DOGE/USD can muster enough support and hover near the 14 and half cents ratio, this may be taken as a positive sign by optimistic bulls. The consolidated range of DOGE/USD which has been seen quite a bit since the last week in March may prevail, but there is some evidence to suggest DOGE/USD could move higher and test resistance if the broad cryptocurrency remains stable and buying continues to be displayed without violent selloffs.
Caution as always with DOGE/USD should be practiced. While consolidated prices have been seen, there is always a chance a sudden spark could produce rapid changes in value in Dogecoin. Speculators who are willing to wager on upside momentum should pay attention to current support levels near 14 and a quarter cents, if this mark proves durable, buying DOGE/USD may make sense in the near term while looking for realistic targets slightly below 15 cents perhaps.
Dogecoin Short Term Outlook:
Current Resistance: 0.14690000
Current Support: 0.14090000
High Target: 0.15400000
Low Target: 0.13320000