Today’s trading session will mark the third day that Dogecoin prices are gaining in the markets. This is after weeks of a strong downtrend that resulted in prices falling by 50 per cent year-to-date. The growth of the cryptocurrency comes amidst criticism of the cryptocurrency industry by the project’s founder Billy Markus. According to Marcus, there is an underlying reason why 95 per cent of people call cryptocurrencies a scam.
He argued that it was because 95 per cent of the cryptocurrency projects are a scam and garbage. He also urged supporters of cryptocurrencies to change how they supported the industry. This is after agreeing with a critic on Twitter, who posited that most cryptocurrency investors were rude.
Fortunately, despite the criticism of the industry, Dogecoin did not tank in the markets and has continued to set new weekly price highs. In the past three days, the prices of Dogecoin have risen by over five per cent, and they are likely to continue rising throughout the session and in the next coming sessions.
For the past two weeks, Dogecoin has traded within very narrow margins of support and resistance of $0.081 and $0.093, respectively. However, in the past three days, the cryptocurrency has shown increased momentum to the upside, gaining five per cent in the process.
In today’s trading session, Dogecoin is already up by 1.5 per cent. The prices are also looking highly likely to continue with the bullish trend throughout the session and likely in the coming sessions. The current price gains are a reversal of this month’s aggressive downward move that resulted in a 45 per cent drop at one point this month.
Looking at the chart below, although the prices have traded within very narrow margins, it is highly likely that we are in a bullish trend reversal. Therefore, I expect the prices to trade above the $0.093 resistance level in the next few sessions. However, if prices trade below $0.085, then my trade analysis will be invalidated. It will spell the continuation of the bearish trend. It will also make it likely that we are still in a bear market.
This post was last modified on %s = human-readable time difference 16:12