• Dogecoin price shows an affinity to climb with the 8-day  EMA acting as its support.
  • A 17% upswing seems likely for DOGE if buyers continue to persist.
  • A four-hour candlestick close below $0.057 will invalidate the bullish thesis.

Dogecoin price seems to be having a good time since June 19 and shows no signs of slowing down. However, a recent study from Elliptic Connect shows that DOGE is increasingly being used in darknet marketplaces. 

Darknet DOGE gains popularity

This is not the first time DOGE has gained popularity or adoption. Tesla CEO Elon Musk has been an avid supporter of the meme coin. Furthermore, Ukraine accepted Dogecoin donations when Russia attacked. So it should not come as a surprise that bad players are using DOGE to transact on the dark web. 

The report from Elliptic notes that “millions of dollars worth of Dogecoin transactions” were observed connecting illicit activities, ranging from Ponzi schemes to child sexual abuse material. Dogecoin was also part of the 84 crypto assets seized from wallets believed to be controlled by Hamas aka terror-related activity.

That said, investors need to note that Dogecoin addresses received DOGE worth only $40,235. The long-term impact of darknet activities is unlikely to affect Dogecoin price in a negative way.

Regardless, the technicals seem to be showing a potential run-up brewing for DOGE.

Dogecoin price to lift-off again

Dogecoin price has rallied 42% over the last three days and is currently recovering from the recent pullback. As DOGE trades at $0.069, it is present comfortably above the 8-day Exponential Moving Average (EMA), which serves as a support level.

As long as this barrier is present, Dogecoin price remains bullish and ready for a quick run-up to the 34-day EMA at $0.074. This move would constitute a 17% ascent from the current position. However, if buyers continue to bid, the chances of DOGE visiting the high-time-frame resistance barrier at $0.078 are high.

This rally would constitute a 24% ascent. Although unlikely, in some cases, Dogecoin price could revisit the 50-day EMA at $0.082. 

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

While things are looking up for Dogecoin price, a four-hour candlestick close below $0.057 will invalidate the bullish thesis. This development will flip the said barrier into a resistance level and further crash DOGE by 13% to the next foothold at $0.049.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP