DOGE/USD has had a bearish month of results in September and it is hovering over important support levels which could prove to be crucial technically.
DOGE/USD is hovering near the 20 cents mark as the month of October gets ready to begin, and speculators expecting a sudden reversal higher to develop may be wishing upon the stars. DOGE/USD traded near a high of 32 cents on the 6th of September, but since achieving this height a rather steady and incremental decrease in value has occurred. It should be noted that in the month of August, a high of nearly 35-and-a-half cents was achieved on the 16th.
DOGE/USD has correlated well to the broad cryptocurrency market, but a troubling sign for its bullish speculators is the realization that it seems as if the strong ‘backing’ from its social influencers have been much less vocal. DOGE/USD saw a dramatic increase in value during the spring exuberance rampage which created a high of nearly 74 cents on the 8th of May. A low of nearly 15 cents was seen on the 21st of July.
Technically, the current price of DOGE/USD is languishing very close to the July lows. If current support cracks and the price of Dogecoin begins’ to traverse lower and test the 19, 18 and lower value ratios it could cause a rather gruesome stampede and a retest of the depths achieved in July. While Halloween has no known correlation to the cryptocurrency market, the prospect that DOGE/USD has not been able to build up any head of steam higher is reason for concern that could become scary. Support levels have been tested on a consistent since the 20th of September. Up until now, small reversals higher have been achieved when DOGE/USD falls below the 20 cents mark, but how long will this barrier stay adequate?
The broad cryptocurrency market appears to be fragile and while the highs achieved by many of Dogecoin’s major counterparts was intriguing in early September, selling has taken hold and DOGE/USD is flirting with a dangerous level of support. If DOGE/USD were to break below the 19 cents level this would cause a technical shiver to likely happen within speculators who would have to pull out six-month charts at a minimum to consider the potential downward direction of the digital asset.
Dogecoin Outlook for October
Speculative price range for DOGE/USD is between 9 and 33 cents.
DOGE/USD has a rather ominous trajectory and if current support levels prove vulnerable the cryptocurrency will need the power of its social influencers to help bolster its price. If the 20 cents mark fails and the 19-and-a-half cents level is challenged this could create another shock to the system. If prices are sustained near the 19-and-a-half cents mark, the 19 cents mark could be easily targeted. Speculators should be careful not to be overly ambitious with their goals if they are pursuing lower values, but if July’s lows begin to come into sight this would be another bearish indicator for Dogecoin.
Having been unable to attain a serious amount of upwards momentum, the idea that DOGE/USD could see additional movement lower and actually break July lows is not so farfetched. DOGE/USD is a speculative asset which invites plenty of traders to wager on its direction. If traders begin to sense a strong selloff is beginning, it is possible that DOGE/USD could find itself trading near 10 cents in October.
Speculators who remain optimistic can certainly wager on the temptation of upward reversals. If the 20 cents mark holds and is able to incrementally challenge resistance above, moving towards the 23 to 25 cents values could be accomplished in a short timeframe. DOGE/USD remains extremely volatile and if sentiment somehow shifts, bullish traders could be the ones smiling at the end of October. If the 25 cents mark is achieved and sustained the 27 to 30 cent levels could be aimed at by bullish traders.