Speculative traders of DOGE/USD took the cryptocurrency to above 7 and three quarter cents on the 27^th of June, since then Dogecoin has lost value.

DOGE/USD is trading above 6 and half cents in early trading this morning.  One of the darlings of speculative bettors, DOGE/USD managed to produce a rather impressive run higher last week. On the 18^th of June DOGE/USD was trading slightly below the 5 cents ratio and on the 27^th Dogecoin suddenly found itself near 0.07850000. The move higher was a wildly successful gain in value from a percentage viewpoint for short term buyers who caught the positive move upwards.

However, the past few days of DOGE/USD have seen speculative elements who were buying start to loss power and disappear.  Like the broad cryptocurrency market which DOGE/USD reflects, the cryptocurrency has seen values begin to incrementally drop and support ratios once again come into view. The long term bearish trend DOGE/USD has suffered from is still strong, and technical perspectives likely do not look positive to many speculators presently.

If DOGE/USD is not able to topple current resistance which appears to reside slightly below 7 cents and the broad cryptocurrency market remains fragile, there is reason to suspect another round of selling could develop for Dogecoin sooner rather than later. Certainly the reversal higher produced starting on the 18^th of June until the 25^th are stark reminders upwards movement can occur, but skeptics may believe the selling which began to show strength again a couple of days ago may continue near term.

If support near 6 and half cents begins to falter, DOGE/USD could certainly find the 6 and a quarter cents ratio is a target quickly.  The last time DOGE/USD traded near the 6 and a quarter cents ratio with a sincere amount of price action was on the 23^rd of June. This price level could prove crucial for traders, because if it should suddenly prove vulnerable the 6 cents target could be legitimate for speculative selling targets.

DOGE/USD continues to prove a good behavioral sentiment barometer for the broad cryptocurrency market. Dogecoin’s upward mobility in the recent past is intriguing because it may have been a speculative push higher, produced by big bets based on the notion support under five cents could be durable for a while. However, the long term bearish trend in the cryptocurrency is still strong and DOGE/USD may prove to be a worthwhile selling wager for the near term. There appears to be room for DOGE/USD to traverse lower.

Dogecoin Short-Term Outlook

Current Resistance: 0.0698000

Current Support: 0.06440000

High Target: 0.07320000

Low Target: 0.05840000

This is a market that every time it rallies, there will be sellers.

Dogecoin is now hovering just above $0.05, and therefore it’s likely that we are eventually going back to even lower levels. It looks as if the market is trading back and forth in this area, which makes sense considering it is a bit of a psychological figure. That being said, it’s almost impossible to imagine that we are going to turn around and skyrocket anytime soon, due to the fact that the entire cryptocurrency world is falling apart.

This is a market that every time it rallies, there will be sellers. The market will have to pay close attention to the 50 Day EMA just above, which is at the $0.08 level. Ultimately, I just don’t see a scenario where this changes anytime soon, because even Bitcoin and Ethereum are struggling, so it is a real stretch of the imagination for meme coins to suddenly be hot again. This is one of those markets that you buy as people start piling into anything crypto-related, understanding that you need to get out before those same people realize it’s just a passing fad.

I have to question whether or not this project ever recovers, but even if it does, it’s going to be nowhere near as powerful as it once was. This was just simply people buying random crypto, based upon nothing but the hype on social media. Do not get me wrong, we will see something like this again because markets do tend to repeat themselves. Whether or not it’s crypto, or something else remains to be seen.

Regardless, do not be surprised at all to see this market drop below the $0.01 level, essentially becoming worthless. “Have fun staying poor” is something that Bitcoin traders have stopped saying online, so I can only imagine what the Dogecoin community is saying these days. Regardless, this is a market that continues to grind lower and I think is going to struggle to survive. In fact, it’s not until we break above the $0.20 level that I would start to look at it from the outside, which would be a 400% return from where we are. There are easier places to make money at this point in time. However, I suppose if you wanted to gamble a bit, you could always buy a handful of coins and put them away.

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 10^th 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 10^th 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 5^th 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

The best-case scenario is probably going back and forth in the short term, trying to stabilize a bit.

The Dogecoin market fell on Tuesday to reach the $0.10 level, an area that would obviously attract a certain amount of attention, as these markets do tend to pay close attention to these round numbers. That being said, we have bounced from that area, which is a sign of the market trying to stabilize.

That being said, Dogecoin is what is known as a meme coin, meaning that it has no real use. There are a handful of places around the world that would take it as cash, but really at this point it is more or less driven by retail meme-based nonsense. That being said, you can still make money trading it and that is what I am focused on. If we break above the top of the candlestick, it is very possible that we could go looking to the 50-day EMA, which is at the $0.1365 level.

On the other hand, if we were to break down below the $0.10 level, it could have a major effect on the market, unwinding it down to drastically low levels. It is worth noting that Bitcoin did try to save itself at the $30,000 level, but if Bitcoin breaks down below $30,000, it is difficult to imagine that some of the smaller meme coins will do very well. At that point, I think Dogecoin will drop below $0.10 and goes much lower given enough time. In that scenario, Dogecoin could drop down to five cents, or perhaps even lower than that.

The best-case scenario is probably going back and forth in the short term, trying to stabilize a bit. The stabilization of Dogecoin is the first step in trying to turn things around, but it will need a certain amount of external pressure to make this happen. Right now, there seems to be a real lack of interest when it comes to cryptocurrency in general, so obviously, a smaller market like Dogecoin is going to suffer. The traders out there that are looking for a longer-term “buy-and-hold” opportunity should have plenty of time to get involved, so at this point, I do not necessarily think it is worth trying to get overly deep in this market, but if we see a change in the overall attitude of crypto, it would not take much to send Dogecoin much higher.

DOGE/USD has stumbled to new short term lows in early trading this morning, as nervous sentiment in the broad cryptocurrency markets picks up momentum.

DOGE/USD is traversing near 12 cents in early trading this morning and it is moving along a very vulnerable support level.  Dogecoin may have lost its favor as the favorite speculative digital asset in the cryptocurrency world with the emergence of competitors like Shiba Inu over six months ago, but DOGE/USD should be watched carefully today.

DOGE/USD has certainly traded towards lower values the past week and it is testing support levels which if broken lower could produce additional fireworks for speculators.  Importantly as DOGE/USD trades lower this morning, the cryptocurrency has still maintained some of its value above mid-March lows. While many of the other major cryptocurrencies have broken vital February and January 2022 lows, DOGE/USD has somehow sustained its value above critical lows which saw the 11 cents mark tested in March.

This seemingly odd notion leads itself to the belief that this proves DOGE/USD are a stubborn group of traders.  Long term Dogecoin holders may not be willing to sell DOGE/USD no matter what happens and may be willing to go down with the ship, meaning this is the reason prices for the speculative asset have not reached the lows of its major counterparts technically. However it also highlights that DOGE/USD may be approaching a critical juncture. If more selling occurs short term and vital lows are broken, long term holders may be forced to sell their positions.

If DOGE/USD falls below the 12 cents mark and cannot climb back above the value in the short term, it may signal additional selling is going to develop in Dogecoin and the broad cryptocurrency market. Even though DOGE/USD may not be the brightest speculative star in the cryptocurrency world anymore, Dogecoin still has a steady group of followers who like its unique speculative landscape. If DOGE/USD sinks below 12 cents, and the 11 and a half cents level is challenged, this could set off shock waves.

Once considered the sweetheart of the cryptocurrency speculative crowd with talk suggesting DOGE/USD could trade above a U.S dollar one day, DOGE/USD now is in serious danger of seeing the 10 cents juncture come into view. DOGE/USD is a speculative asset. Traders who want to pursue selling positions of Dogecoin within the existing bearish trend cannot be blamed, but risk management needs to be practiced. If DOGE/USD breaks below 12 cents short term, the 11 and half cents and lower depths could be legitimate wagering targets. Careful leverage and use of stop loss and take profit orders are highly urged.

Dogecoin Short-Term Outlook

Current Resistance: 0.12620000

Current Support: 0.12090000

High Target: 0.13390000

Low Target: 0.10910000