DOGE/USD Forecast: March 2021

DOGE/USD soared to record highs early in February when it got a shockingly strong amount of interest, after a video with Elon Musk was aired which asked for his thoughts about the cryptocurrency. Dogecoin suddenly found itself soaring from a low just below three cents on the 1st of February to a height within shouting distance of nine cents on the 7th .

Since those highs achieved at the end of the first week in February, DOGE/USD has floundered and has incrementally seen support levels prove vulnerable. Since the 15th of February, Dogecoin has seen the five cents level act as a magnet for the cryptocurrency. As of this writing, DOGE/USD is hovering slightly above four-and-a-half cents (DOGE-X).

On the 23rd of February, DOGE/USD did test lower support around the 0.04200000 mark, but it managed to hold onto its value and stage a reversal higher and actually touched the six cents level the very next day. Do not be fooled by the small amounts of stated value within DOGE/USD; it is very much a speculative asset which can produce great profits and dramatic losses if an excessive amount of leverage is being used. Traders need to practice their risk management skills wisely within DOGE/USD because it is volatile.

The question speculators need to ask themselves is if DOGE/USD can attract the kind of attention it received in early February and mount another upwards climb which challenges resistance levels again. The simple answer is – yes it can. However, speculators may have some doubts about the ability of Dogecoin to effectively muster another influencer with the stature of Elon Musk in the near future who will be willing to put their name on the line and talk about DOGE/USD glowingly.

DOGE/USD certainly needs to be taken seriously as a tradable speculative cryptocurrency. It is ranked highly within the scope of transactional values and currently holds the position of number fourteen per its market cap. However, skeptics of DOGE/USD may believe the move higher was too much, too soon for the cryptocurrency. A rise from nearly three cents to nine cents mathematically is a huge monetary gain when speculative leverage is considered. The sudden incremental bearish track of DOGE/USD to the important support levels it is now traversing should not come as a surprise as some traders cash out their positions.

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