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Bad Dog! Is Dogecoin Headed To 5 Cents? Here's Why Bulls Need To Step In – Benzinga – Benzinga

Dogecoin DOGE/USD spiked up 16% at one point during the 24-hour trading session that began on Thursday at 8 p.m. but by Friday afternoon, the crypto had retraced about 9% from its high-of-day.
The spike higher offered some relief to traders and investors holding the Shiba Inu-themed cryptocurrency, which plummeted about 47% between Monday and Thursday, to reach a low of 6.5 cents.
Dogecoin’s higher prices may be temporary, however, if the possible bear flag the crypto is settling into plays out and the long upper wick on Dogecoin’s daily candle may indicate the break down from the pattern could come as soon as Saturday.
The bear flag pattern is created with a steep drop lower forming the pole, which is then followed by a consolidation pattern that brings the stock higher between a channel with parallel lines or into a tightening triangle pattern.
A bear flag is negated when a stock closes a trading day above the upper trendline of the flag pattern or if the flag rises more than 50% up the length of the pole.
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The Dogecoin Chart: Dogecoin’s possible bear flag pattern was created between Monday and Friday, with the pole formed over the first three days and the flag forming since. If the bull flag is recognized, the measured move could bring the crypto down to about the 5-cent mark.
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See Also: Dogecoin Stages Sharp Recovery
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© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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