Dogecoin leaps the gate and becomes Bull’s best friend

Dogecoin (CRYPTO: DOGE) co-creator Billy Markus will be discussing the alt coin at Benzingas “Moon or Bust” on Friday.

It is unlikely that the co-creator will debate where Dogecoin is going next. Markus took to Twitter Tuesday to warn against arguing about potential future prices of cryptocurrencies and advised crypto traders with weak convictions and egos to delete their Twitter accounts.

Cryptocurrencies rebounded on Wednesday and when Bitcoin (CRYPTO: BTC) climbed back above the $ 30,000 mark, Dogecoin followed the pack leader and made its way above a resistance level.

See Also: 5 Things You May Not Know About Dogecoin Co-creator Billy Markus

The Dogecoin Chart: Dogecoin has been trading below a descending trendline on the daily chart that has been holding it down since June 6th. The 16 cent mark has turned into a solid support level and Dogecoin has smothered the level seven times and closed back above it every day. On Wednesday, Dogecoin re-tested both the descending trendline support and the 16 cent level and both levels held.

On the hourly chart, Dogecoin was working to complete a bull flag pattern on Wednesday afternoon, with the pole forming between 7 p.m. Tuesday and 10 p.m. Wednesday and the flag forming between 12 p.m. and 3 p.m. Wednesday. If the pattern of the bull flag is recognized, Dogecoin could bullish break away from it on Wednesday evening and hit a new daily high.

On Wednesday, Dogecoin was able to regain support for the eight-day exponential moving average (EMA) which is bullish, but the crypto rejected the 21-day EMA and was nasty. Bulls will want to see Dogecoin regain support for the 21-day EMA.

Dogecoin was also up to regain support from the 200-day simple moving average below which it closed on Tuesday. This suggests that overall sentiment is bullish again.

Bulls want Dogecoin to regain support from the 21-day EMA to move back to its next resistance level at 23 cents. If it could regain levels as support, it could trade towards the 28 cent level.

Bears want Dogecoin to drop below the declining trendline and for crypto to lose support at 16 cents. Since 16 cents is a key level for Dogecoin as there is no close support underneath, if Dogecoin loses that level, it could fall towards the 8 cent mark.

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