Dogecoin makes you sit up and take notice! Is the crypto hearing a bullish rush on the way? – Dogecoin – US dollars ($ DOGE)
On Friday, Dogecoin (CRYPTO: DOGE) cheers up and finally collapses bullishly through a descending triangle that Benzinga called out on Tuesday. Crypto struggled to make the move, but tech traders may have seen it coming when Dogecoin didn’t drop below the key support level at the $ 0.196 mark.
The Dogecoin Chart: The descending triangle has held the stock down since Sept. 17, as Dogecoin trading range below continued to narrow. The crypto was supposed to hit the top of the triangle on October 2nd, but bulls came and pushed Dogecoin up a day early.
Dogecoin has been trading 5% higher, and if the crypto stays around its daily high it will print a large bullish marubozu candlestick, which could indicate higher prices may come on the weekend.
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The move up enabled Dogecoin to break resistance at the 8-day exponential moving average (EMA) while continuing to move towards the 21-day EMA. If Dogecoin can regain and hold above the 21-day EMA as support, the 8-day EMA will eventually cross over the 21-day EMA again, which would be bullish. However, Dogecoin is trading below the simple 50-day moving average, which suggests that the general sentiment is bearish for the time being.
- Bulls want Dogecoin to climb above the 21-day EMA and to a resistance level at 23 cents by sustaining large bullish volume. If crypto can regain levels of support, it has scope to move towards 26 cents.
- Bears want a large bearish volume to come in and Dogecoin plummet back to its important support level below that. Should Dogecoin lose the support level, it could slide back towards the 16 cent mark.