Dogecoin price is currently on a three-day bull run. In today’s trading session, the cryptocurrency is up by 1.5 per cent and looks likely to continue with the current bullish push. The growth of Dogecoin comes amidst mixed analysis from cryptocurrency experts around the world. The Analytics Insight, for instance, released a report this week detailing how Dogecoin may be in a big problem going into the future.
The report indicated that other Dogecoin dog-memed cryptocurrencies were eating into the crypto’s dominance in the market. They also highlighted the current drop of over 80 per cent of the dogecoin over the past year. Finally, comparing it to other cryptocurrencies, they made an argument that while Ethereum and Solana were focused on providing smart contracts, Dogecoin was just a memecoin that made jokes on cryptocurrency markets.
However, despite the harsh analysis from Analytics Insight, Dogecoin has also had positive news releases in the past few days that may impact its future price. This includes being an accepted payment method when using AMC mobile app for US theatres. Porsche dealers also announced this week that they would start accepting Dogecoin as a mode of payment.
Robinhood CEO has also increasingly become optimistic that Dogecoin could become the currency of the internet. He argued that some of Dogecoin’s features are built in such a way that they could facilitate internet-wide usage. He listed low transaction fees and fast transactions as two major reasons why he expected Dogecoin usage to grow.
Dogecoin prices are in a three-day bull run after hitting a recent support level of $1.34 and failing to break downwards. Looking at the daily chart below, the cryptocurrency is still in a sideways market. However, the last few days have looked increasingly bullish, and it is likely that a trend reversal is in the offing.
Using the chart below, I expect the prices of Dogecoin to continue rising. However, there is a high likelihood that we are in a trend reversal. There is also a high likelihood that the current bullish move may end up setting new monthly highs by hitting the $17.5 price level.
This post was last modified on %s = human-readable time difference 11:20