Here's What Dogecoin Traders Need To Watch For On Doge Day
Dogecoin (CRYPTO:DOGE) has been all the talk recently, and today was deemed "Doge Day" by many who are following the crypto.
Redditors considered Doge Day to be the day the coin would be pumped to $0.69. In reality, Tuesday saw a downturn in the crypto and at the last check, Dogecoin was down 4.27% at $0.346.
See Also: How To Buy Dogecoin
DogeCoin Hourly Chart Analysis
- The crypto is trading below the 50-hour moving average (green).
- The crypto is trading above the 200-hour moving average (blue), indicating bullish sentiment.
- The crypto may continue to consolidate as it trades between these two indicators.
Key Levels To Watch
- The crypto has traded with higher lows that can be seen on the chart by connecting the lows.
- The chart also looks to potentially be forming what technical traders may call a cup and handle pattern.
- The cup and handle pattern is a bullish pattern that forms when a previous place of resistance is reached again, forming a cup on the chart. A pullback then follows allowing the crypto to cool off before taking off and reaching new highs once again.
- If the crypto doesn't start moving soon, the cup and handle pattern may fail and the stock may fall to the line connected by the lows.
Bullish technical traders would like to see the crypto build higher lows and stay in the uptrend. They would like to see the cup and handle pattern be confirmed and the price reaches new highs.
Bearish technical traders would like to see the coin fail to hold the support levels. A break below the trendline connected that connects the lows could be followed by a steep drop off and the start of a downtrend.
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