Dogecoin Making Much Noise and Not the Good Sort

DOGE/USD is trading below 6 cents as of this writing, and its decline in value continues to display a nearly one way direction.


As of this writing, DOGE/USD is trading below 6 cents. The long-term bearish trend in Dogecoin has brought it to within prices not seen since late March of last year. This fact technically can actually be interpreted as a negative indication, because in January of 2021 DOGE/USD was trading below 5 cents. And in December of 2020 traders may want to remember that DOGE/USD was moving incrementally below one cent.

Speculative zeal for DOGE/USD has disappeared.  The broad cryptocurrency market is obviously struggling and Dogecoin is acting like a disobedient dog barking in the house. DOGE/USD is making a lot of noise and it is not the good sort. Traders who have continued to buy DOGE/USD and look for reversals higher have likely been met with poor results. DOGE/USD saw additional selling momentum this weekend like the broad cryptocurrency market.

Amazingly, DOGE/USD still has a market capitalization of approximately 7.7 billion USD. DOGE/USD is ranked as the 10th largest cryptocurrency still within the broad market. DOGE/USD has no utilitarian purpose, except as a speculative wager. Let’s take a moment to consider that a little more than a year ago many of the Dogecoin influencers were making the bold prediction it would hit 1.00 USD. A visit to Reddit now and a search of Dogecoin essentially shows many folks are disgruntled.

Before the weekend DOGE/USD was actually trading near the 8 cents level.  People who decided to buy into DOGE/USD on Friday the 10th of June are likely not happy right now. If DOGE/USD breaks below 5 and half cents short term, fears of it falling below 5 cents would not be farfetched. On the 5th of April DOGE/USD was trading slightly below 18 cents.

Traders who want to sell DOGE/USD should be careful, but they might be making a worthwhile speculative bet. The mask Dogecoin has worn has always been self-evident. DOGE/USD has been a speculative place to wager, which it can be argued has served as a barometer of the broad cryptocurrency market. The negative bearish trend is strong and speculators who actually want to be buyers under the present conditions should know that they may be spitting into the wind. Conservative amounts of leverage are advised when betting on DOGE/USD.

Dogecoin Short-Term Outlook

Current Resistance: 0.06190000

Current Support: 0.05690000

High Target: 0.06720000

Low Target: 0.04710000


Leave a Reply

Your email address will not be published. Required fields are marked *

Risk warning: Trading in Contracts for Difference (‘CFDs’) carries a high level of risk and can result in the loss of all your investment. As such, CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever. For more information about the risks associated with trading CFDs please find and read our ‘Product Disclosure’.

Please recognize that this website is the only official website, please do not enter other clone websites through Internet search or advertisements.

© 2011 - 2023 All Rights Reserved.