August 14, 2022
  • August 14, 2022

Headwinds remain stable and resistance is strong

By on May 25, 2021 0

DOGE / USD has recovered from its lower values ​​that were exposed last weekend, but the cryptocurrency is once again fighting resistance.

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DOGE / USD traded below 25 cents over the weekend, which nearly replicated the price action of the 19e of May, during a flash crash, and brought him to the sight of a trading range seen the last week of April. Dogecoin remains a vital speculative cryptocurrency, and its record value of nearly 75 cents on the 7the of May is still firmly in the memory of its traders.

However, the vast cryptocurrency market remains in a storm of volatility as sellers have created a feeling of marked nervousness. The current price of DOGE / USD is near the 35 cent level at the time of writing. Resistance near the 37-39 cent junctions appears to be significant. Conservative traders who stick to their bullish outlook may want to see current resistance levels which appear to be producing headwinds penetrate before triggering buy positions.

Aggressive bullish traders may be tempted to buy DOGE / USD in its current price neighborhood and use the 37-39 cent crosses as a target for profit opportunities. However, speculators who are unconvinced of DOGE / USD’s short-term ability to maintain a solid upward movement may want to use the aforementioned resistance levels to initiate their short positions and aim for lower support levels.

DOGE / USD remains a favorite of cryptocurrency speculators and can be seen as a curious barometer of general sentiment. Dogecoin resistance levels should be watched carefully to watch out for the potential for changes in speculative behavior. Technically, DOGE / USD certainly needs to break through existing current resistance levels and hold its price above these junctions to validate a bullish signal. Until then, DOGE / USD remains in the grip of a cryptocurrency market that appears to have the potential to test lower values.

Selling DOGE / USD in its current price range remains attractive if resistance levels continue to push the cryptocurrency back. Cautious traders may want to wait for slight upside reversals to try to take advantage of the bearish momentum they believe will occur. Last week’s results in cryptocurrencies and DOGE / USD highlight the need for risk management. Traders need to be alert and ready for quick conditions that can be demonstrated with lightning speed. A speculative shorting DOGE / USD bet looks appealing.

Dogecoin Short Term Outlook:

Current resistance: 0.37010000

Current support: 0.33300000

High target: 0.41100000

Low target: 0.27750000

DOGE / USD