Bitcoin (CRYPTO: BTC) will be in theaters by the end of the year of AMC Entertainment Holding Inc. (NYSE: AMC) are accepted as a means of payment, much to the displeasure of Dogecoin (CRYPTO: DOGE) enthusiasts who refer to the Shiba-Inu cryptocurrency as “folk crypto”.
The adoption of cryptocurrencies as a means of payment by large corporations gives the space validity and utility, and opens the door to more coins that will eventually be accepted.
The blockchain analytics company Chainalysis sees the value of Dogecoin and announced on Tuesday that it had expanded coverage to include the coin, saying that crypto has become the “most requested” new coin the company is covering by its customers in the public and private sectors.
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Dogecoin has spent the past four days pushing itself into a bull flag pattern and it looks like it will keep rising.
The Dogecoin Chart:
Dogecoin surged about 28% on Aug 7, breaking resistance near the 23-cent mark. Since then it has consolidated into a narrowing area. The one-day climb, coupled with three days of consolidation, has created a bull flag pattern, with the pole emerging on August 7 and the flag emerging between Sunday and Tuesday.
The flag of the pattern is developing into a triangle pattern, and Dogecoin will hit the vertex of the triangle on August 13th. Technical traders should watch out for high volume when Dogecoin breaks out of the triangle either up or down to know if the pattern has been recognized.
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The three day consolidation has helped Dogecoin cool its Relative Strength Index (RSI), which was nearing the oversold area at the 71% level. On Tuesday, Dogecoin’s RSI was down about 10% to a much more comfortable level of 61%.
Dogecoin trades above the exponential moving averages (EMAs) of the past eight and 21 days, with the EMA of the past eight days above the EMA of the past 21 days, which are both bullish indicators. Dogecoin is also trading above the 200-day simple moving average (SMA), which suggests that general sentiment in the cryptocurrency is positive. The 200-day SMA has driven the Dogecoin up for the past eight months.
- Bulls want to see a large upward volume in Dogecoin in order to break the cryptocurrency upwards from the flag pattern. If the flag is detected and Dogecoin breaks up, the measured movement could push the cryptocurrency value to around 30 cents. Dogecoin has overhead resistance at 27 and 31 cents.
- The bears want Dogecoin to be pushed down by strong selling pressure to break out of the triangle to break below the 23 cents support. If the Dogecoin cannot hold this level as support, it could fall back towards the 20 cent mark.
Image by Ishwar Artist from Pixabay
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