Dogecoin will not be discontinued if it can regain this key level

Dogecoin (CRYPTO: DOGE) was trading 2.41% higher the following Wednesday afternoon Bitcoin (CRYPTO: BTC), which was trading above support and resistance levels at the $ 39,489 level. Bitcoin could break away from a daily bull flag pattern recorded by Benzinga on Monday, which in turn would be bullish for Dogecoin.

Dogecoin bulls and bears may be waiting to see the final text of the infrastructure bill, which could negatively impact the crypto space if it forces brokers to report to the IRS. On Wednesday, Senator Durbin, Illinois, said he expected the bill to be passed by the Senate this weekend or Monday.

See also: How to Buy Dogecoin • Step by Step

The Dogecoin Chart: The hugely popular Shiba Inu-themed cryptocurrency has been hovering around the 20-cent mark since July 21, when it bullishly pulled away from a descending trendline it had been pushing since June 4.

While Dogecoin remains one of the most popular cryptocurrencies on Twitter, crypto has not received much attention lately in the form of buyers or sellers. On Wednesday afternoon, the volume of Dogecoin was just 1.67 million, compared to the 10-day average of 8.70 million.

Despite the lack of volume, Doge continues to climb the 200-day Simple Moving Average (SMA), suggesting that general sentiment in the cryptocurrency is bullish. Dogecoin is trading in line with the eight-day exponential average (EMA) but slightly below the 21-day EMA, indicating a bearish indecision. On Wednesday, the 8- and 21-day EMAs acted as resistance.

  • Bulls want to see Dogecoin work its way up the EMAs and close above the 20 cent level. If it can regain levels of support, it has scope to move towards the 23 cent mark.
  • Bears want Dogecoin to drop below the 200-day SMA, which would put it in bearish territory. If the crypto falls below the level, there is weaker newly created support at the 19-cent level. Below 19 cents, Dogecoin could fall back to the 16 cents mark.

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