The Dogecoin price has continued to rise in the markets after yesterday’s bullish trend hiatus that resulted in an almost 0.5 point drop. Today, it is trading at over one per cent, and the trend is also showing signs that we have not seen the end of the bullish push.
There have been many factors that have caused the current growth of Dogecoin. One of these reasons is due to the current recovering cryptocurrency industry. For weeks, coming into July, the industry was struggling, and virtually all cryptocurrencies were losing in the markets.
However, the past few days have started to see the crypto market come alive, with the total market capitalization of the industry crossing the $1 trillion mark again. In addition, major cryptocurrencies have also shown bullish signs of resurgence. Dogecoin is among the most popular altcoins, and a memecoin has also followed the larger market trend, which has resulted in the current growth.
There are reports of Tesla selling almost all its Bitcoin assets but leaving the Dogecoin cryptocurrency untouched. When observed from the outside, such a move may seem mundane. However, investors of Dogecoin have taken note and view this as an endorsement, so they are willing to invest even more in the cryptocurrency.
This week also saw the release of Dogecoin Core 1.14.6. The news of the release was exciting for most enthusiasts, with the platform announcing that the upgrade contained a number of improvements and additional features, including its user interface. However, the release was also a net positive for the crypto and showcased that Dogecoin is still a growing platform with more work to do.
Looking at the chart below, it is clear that Dogecoin is in an aggressive bullish move. This is despite yesterday’s drop. The chart also shows the price moving past the $0.069 resistance level, a sign that it will be pushing upside.
Therefore, based on the past few days’ price action, I expect the trend to continue going up. As a result, there is a high likelihood that we will see Dogecoin hit the next resistance level, which currently stands at $0.081.
This post was last modified on %s = human-readable time difference 14:00