Dogecoin prices have surged by 16 per cent in the last three days. Today’s trading session is also seeing the continuation of the bullish move. The rise in Dogecoin prices has coincided with the addition of the cryptocurrency to the Bitcoin ATM chain. This means that Dogecoin holders in the US will now be able to withdraw their holding in Fiat currencies in any of the 1,800 Bitcoin ATM locations. The addition of Dogecoin to the chain has also added the meme coin utility, and the latest rise in prices may be a reaction to the positive news.
Dogecoin is currently in a strong bullish move. Since March 15, the cryptocurrency has gained more than 34 per cent. Today’s trading session will also mark the fourth consecutive day when prices rise. The session has also seen Dogecoin gain by more than 5 per cent, a trend that is expected to continue.
Looking at the daily chart below, we can see that the prices are bouncing from a long-term support level of $0.11. We can also see that the prices have been trading with a lot of volatility and momentum lately. Therefore, there is a high likelihood that the momentum will continue, and we can expect the prices to continue the upward trend.
The chart also shows that the William Alligator indicator lines are crisscrossing. This is a sign that the trend is reversing. A trend reversal will mean that the current bullish move is long-term. If that is the case, then I expect the Dogecoin price to trade above $0.17 in the coming days. I also expect a strong push with volatility and momentum if the current Alligator reading signs a trend reversal. In the unlikely event that today’s session closes with Dogecoin losing value, then my trade will be invalidated. Unfortunately, it will also mean a likelihood of a bearish move.
This post was last modified on Mar 24, 2022, 10:36 GMT 10:36