As of this writing, DOGE/USD is set to enter the month of June testing vital support levels, following record highs made only three weeks ago.
DOGE/USD remains a formidable speculative wager for traders. After attaining a record high price on the 8th of May near 74 cents, DOGE/USD is now languishing slightly below 29 cents. Traders who have the courage to take positions in Dogecoin need to understand the dynamic terrain which affects its values. DOGE/USD remains a favorite of speculators and famous influencers, but its all-time values recorded in early May have not been able to withstand the tide of negative trading sentiment which has entered the broad cryptocurrency market.
DOGE/USD remains a speculative asset and its value within the world of utilitarian financial endeavors remains limited. The moves within DOGE/USD are generated for the purpose of speculation and little else. While influencers have tried to peddle feel-good sentiment regarding its use as an alternative energy source the past few days, this has not had a major effect on the value of DOGE/USD, perhaps because people remain skeptical regarding the notion. In fact, Dogecoin finds itself struggling near important support levels as it sits on the cusp of values seen the last week of April.
If the current support juncture of 30 cents is not able to hold, bearish speculators may believe that the target of nearly 21 cents is viable, which was touched on the 19th of May. However, the lower depths of this price occurred within a clear spike. While DOGE/USD is certainly able to produce spikes in both directions, traders need to understand that these type of moves need to be guarded against by using exact limit orders regarding stop-loss and take-profit targets. The support juncture of 27 cents should be watched as a closer target by speculators for the moment.
DOGE/USD remains a favorite of speculators because of its ability to produce volatility. Wagering on the cryptocurrency the past two months has been like trying to strap onto a rocket which is able to ignite higher, but also demonstrate uncomfortable declines. If the junctures of 27 to 25 cents prove vulnerable as support, traders may grow increasingly nervous if values are sustained below these depths. As late as the 15th of April, DOGE/USD traded near the 13 cents level.
Dogecoin Outlook for June:
Speculative price range for DOGE/USD is between nine and fifty-eight cents.
DOGE/USD has the power to move in one hundred percent swings. While trading Dogecoin may be relatively cheap for traders who use a conservative amount of leverage, if a speculator chooses to ‘bet the farm’ on DOGE/USD, they can certainly experience a wave of emotions which will test their character and cash. Support for DOGE/USD near 27 cents should be watched. Any moves below this value which are sustained could cause more bearish momentum to seep into DOGE/USD, and create a test of the 25 to 20 cents levels. If trading falls below the 20 cents mark, DOGE/USD could turn ultra-violent and aim for levels not touched since the second week of April.
The broad cryptocurrency market remains nervous technically. DOGE/USD’s value needs to generate a sincere push higher and break resistance near 38 cents to build genuine momentum. If the 38 cents level is broken, the next important mark will be 40 cents. If the price of DOGE/USD can bust through the 40 cent level, this could indicate tests of higher values could rapidly follow. 43 to 47 cents look like attractive targets which are higher for bullish speculators. After achieving moves which saw the value of Dogecoin gain more than double its early May prices, the eventual fall which has taken place has been breathtaking too. DOGE/USD is speculative and traders need to understand its value will continue to be affected by the sentiment of forces hard to control.