DOGE/USD is a strong reflection of the broad cryptocurrency marketplace, and a good place to try and gauge speculative sentiment.
As of this writing Dogecoin is trading below 9 cents per coin. Last week’s dramatic turn towards long term depths hit DOGE/USD like the entire broad cryptocurrency market. The trading results in Dogecoin should be examined not only by its speculators who enjoy pursuing wagers on its value, but by people who may find some information when considering the overall mood of the cryptocurrency world.
Intriguingly DOGE/USD has in technical regards seen some consolidated trading the past few days. Dogecoin has largely traded between 8 and half cents and 9 and a quarter cents, this after falling below the 7 cents juncture on the 12th of May briefly. On the 5th of May DOGE/USD was trading slightly below the 14 cents ratio.
Interestingly while DOGE/USD has certainly lost value in the past week as the broad cryptocurrency market essentially saw values plummet, Dogecoin is now ranked as the 10th biggest crypto coin regarding total market capitalization – a higher ranking than it started last week. Many of its major counterparts in the digital asset world suffered last week and this included Shiba Inu, which saw its value get slaughtered. Dogecoin is ranked above SHIB/USD for the first time in a while, but this doesn’t necessarily mean good things will develop for DOGE/USD, just that it suffered less than its major speculative counterpart.
The broad cryptocurrency market remains nervous and DOGE/USD is trading within eyesight of a very important support juncture. While DOGE/USD did slide below the 7 and a quarter cents mark momentarily last week, it did manage to climb back above this ratio. However, if DOGE/USD were to break below 8 cents again in the near term and the 7 and a quarter cents level was challenged again, this could be a very negative signal.
If trading were to be sustained below the 7 and a quarter cents mark, there is reason to suspect DOGE/USD could suddenly find itself testing values seen in the first week of February 2021. DOGE/USD remains highly speculative. While some traders may be willing to bet Dogecoin has been oversold, skeptics may believe if the broad cryptocurrency market sells off again, DOGE/USD will test lower values in the near term. A move below 8 cents could set off alarm bells for Dogecoin traders; this because a lower move from current consolidation may spark more volatile selling.
Dogecoin Short Term Outlook:
Current Resistance: 0.09240000
Current Support: 0.08440000
High Target: 0.99930000
Low Target: 0.06950000
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