fbpx
12.1 C
London
Sunday, November 27, 2022

Dogecoin Gives Indication Of Bottoming: Recovers 30% In 2 Weeks

Canine-inspired meme coin, Dogecoin made an appearance with a price life of 30%. The online currency exchange, Bitcoin has included Dogecoin in its latest list to its 1,800 ATMs in 31 states.

Doge saw a drastic correction in its market in the period between May last year and February. Prices slip by as much as 85% but the slide has been arrested this month.

- Advertisement -

Dogecoin seeing a reversal in trend. It saw heightened dip-buying with its price crashing to levels of around $0.1 a couple of weeks ago. This resulted in a rebound move of around 30% to $0.14 up to March 27.

At the same time, the upward retracement of Dogecoin originated at support levels that constitute a setup known as  a ‘falling wedge.’ It is an indication of an extended bull reverse run in the weeks ahead.

Dogecoin Came In As A Satire On The Crypto Space And Gained Fame

Dogecoin was sprung as a satire on the cryptocurrency space and had a bull run has gained social media popularity and acceptance. It led to the spawn of a number of varied dog-themed coins. The market expectations of Dogecoin and its price both reached sky-high

- Advertisement -

Market investors and observers note that a recovery from the lower trend line raises the expectation that it will continue the upward movement touching the higher trend line of $0.18. Breaching the upper trend line additionally exposes Dogecoin price increase further towards $0.37, a rise of over 150% over present prices.

Veteran investors such as Tom Bulkowski consider a falling wedge a ‘poor performer’ in forecasting bullish chart trends. He noted that the breakeven failure tends to be higher while the regular price remains low.

At present, over 2,000 merchants including internet services, shops, gaming platforms, and hotels accept payment in Doge. In September Musk had tweeted that its fees should come down if it is to be viable for lesser transactions in the long term.

- Advertisement -

Follow Us

16,985FansLike
4,865FollowersFollow
1,643FollowersFollow

Latest news