Despite dropping by 3 per cent in the early hours of today’s trading session, Dogecoin price has been in an aggressive bullish trend for more than a week, which has seen its value rise by over 50 per cent since November 21.
As the industry continues to struggle following the collapse of the FTX crypto exchange and largely trading sideways, investors have grown more confident in Dogecoin, with reports indicating it might have utility on the Twitter platform following the acquisition by one of its largest marketer, Elon Musk.
The Dogecoin crypto growth has also been partly due to investors trying to catch a falling knife and replicate Dogecoin’s success in 2021. Therefore, most people have grown bullish with the crypto, which has seen its average daily trading volume surging past $1.1 billion for the past week.
As seen from the above fundamental analysis, most investors have grown bullish on the crypto, which has seen its trading volume surge. On the technical side of things, we have also seen the Dogecoin price move past the $0.1 psychological level in the past few trading sessions.
Therefore, despite today’s 3 per cent drop, I expect the next few trading sessions to resume the aggressive push to the upside. For the long term, there is a high likelihood that we might see Dogecoin trading above the $0.15 price level.
My bullish analysis is also supported by a possible resurgence of the cryptocurrency industry. Following the collapse of the industry, most cryptos have stopped pushing to the downside, and in the past week, we have started to see signs of a price reversal.
Therefore, if the expected crypto industry recovery materializes, I also expect Dogecoin to trade in tandem with the industry’s bullish trend. However, a drop below the $0.90 price level will invalidate my bearish analysis.
This post was last modified on %s = human-readable time difference 12:42