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DOGE/USD: Speculative Spike Higher and Swift Reversal Lower – 27 April 2022

DOGE/USD has delivered what speculators crave, a raw amount of volatility and the opportunity to make money quickly, which can also lead to costly losses.

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DOGE/USD is traversing above 14 cents as of this writing, but its price action the past couple of days has been rather intriguing. As the broad cryptocurrency market has seen a vast sea of nervous sentiment arise again, DOGE/USD actually produced a high above 17 cents on the 25th of April, which challenged values not seen since the first week of this month. It should also be noted that on the 7th of February highs around 17 cents were also experienced.

However, the move upwards a couple of days ago and a near retest of the high yesterday, has now been met with a rather swift reversal downwards. DOGE/USD has produced a solid amount of volatility, and its ability to swing two to three cents in a single day of trading remains an attractive calling card for speculators who crave price changes. The thrill of making money though must be weighed, against the stark consideration that money can be lost.

DOGE/USD remains a volatile cryptocurrency, and its results the past couple of days showcase its ability to deliver ‘outlandish’ results even as the broad digital market may in fact be trending in another manner. Yet, DOGE/USD doesn’t exist outside the halls of the cryptocurrency world and it is impacted by nervous sentiment just like all other major cryptocurrencies. Its sudden downturn yesterday has now positioned Dogecoin close to important support levels like other major cryptocurrencies.

If the 14 cents level is not able to prove durable and is broken lower, this could set off another wave of nervous selling within DOGE/USD. Highlighting this possibility for sudden gyrations is the fact, that DOGE/USD was trading only slightly above 12 and a quarter cents on the 25th of April before it surged to 17 cents. DOGE/USD saw a massive amount of speculative buying on Monday, and traders need to understand this is part of the Dogecoin landscape.

The broad cryptocurrency market continues to signal nervousness in early trading this morning with important support levels plainly in sight. Short term traders may be tempted to actually sell DOGE/USD on slight moves higher and look for reversals lower which test current support levels. If DOGE/USD breaks below the 14 cents juncture short term, it could produce a test of the 13 cents ratio rather quickly. As always traders are advised to be cautious with the amount of leverage they use while wagering on DOGE/USD.

Current Resistance: 0.14660000

Current Support: 0.13710000

High Target: 0.15570000

Low Target: 0.12410000

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