- The Dogecoin price shows an 8-day EMA rising support with its support.
- DOGE is likely to increase by 17% if buyers continue.
- A four-hour candlestick for less than $ 0.057 invalidates the bullish essay.
Dogecoin prices seem to be having a good time since June 19 and are showing no signs of slowing down. However, a recent study by Elliptic Connect shows that Dog is increasingly used in Darknet marketplaces.
Darknet DOGE gains popularity
This is not the first time DOGE has gained popularity or adoption. Tesla CEO Elon Musk is an avid supporter of the meme coin. Moreover, Ukraine received Dogecoin donations when Russia attacked. So it should come as no surprise that bad players are using DOGE to trade in the dark web.
Elliptic reported that “millions of dollars worth of dogcoin transactions” were linked to illegal activities ranging from Ponzi schemes to child sexual abuse. Dogecoin was part of 84 crypto assets seized from wallets believed to be controlled by Hamas aka terror-related activity.
That said, investors should note that Dogecoin Addresses only received a $ 40,235 worth of DOGE. The long-term impact of darknet activities is unlikely to negatively impact Dogecoin prices.
Regardless, the technology is showing potential run-up brewing for DOGE.
Dogecoin prices rise again
Dogecoin prices have risen 42% in the last three days and are currently recovering from a recent pullback. With DOGE trading at $ 0.069, it sits comfortably above the 8-Day Exponential Moving Average (EMA), which acts as a support level.
As long as this barrier exists, the Dogecoin price remains bullish and ready for a quick run-up to the 34-day EMA at $ 0.074. The move would mean a 17% rise from the current position. However, if buyers continue to bid, DOGE is more likely to meet a high-time-frame resistance barrier at $ 0.078.
The rally will include a 24% climb. Although unlikely, in some cases, the Dogecoin price may recalculate the 50-day EMA at $ 0.082.
DOGE / USDT 4-Hour Chart
Topics invalidate a four-hour candlestick bullish essay for less than $ 0.057, while looking for Dogecoin prices. This development will turn the stated barrier to a level of resistance and crash the DOGE to 13% for the next level at $ 0.049.