Dogecoin Jumps The Gate, Becomes Bull's Best Friend

Dogecoin DOGE/USD co-creator Billy Markus will join Benzinga’s “Moon or Bust” on Friday to discuss the alt-coin.

It’s unlikely the co-creator will debate where Dogecoin is headed next. Markus took to Twitter on Tuesday to warn against arguing about potential future prices of cryptocurrencies and advised crypto traders with frail beliefs and egos to delete their Twitter accounts.

Cryptocurrencies were rebounding on Wednesday and when Bitcoin BTC/USD popped its head back above the $30,000 mark Dogecoin followed the pack leader and pawed its way over a resistance level.

See Also: 5 Things You Might Not Know About Dogecoin Co-Creator Billy Markus

The Dogecoin Chart: Dogecoin has been trading under a descending trendline, on the daily chart, that has been holding it down since June 6. The 16-cent mark has become a solid support level and Dogecoin has nipped the level seven separate times and closed each day back above it. On Wednesday,Dogecoin tested both support of the descending trendline and the 16-cent mark again and both levels held.

On the hourly chart, Dogecoin was working on completing a bull flag pattern Wednesday afternoon with the pole formed between 7 p.m. Tuesday and 10 p.m. Wednesday and the flag forming between 12 p.m. and 3 p.m. on Wednesday. If the bull flag pattern is recognized Dogecoin could break up bullishly from it Wednesday evening and make a new daily high.

On Wednesday Dogecoin was able to regain support of the eight-day exponential moving average (EMA), which is bullish, but the crypto rejected and wicked from the 21-day EMA. Bulls will want to see Dogecoin regain support of the 21-day EMA.

Dogecoin was also above to regain support of the 200-day simple moving average which it closed below on Tuesday. This indicates overall sentiment has turned bullish once again.

Bulls want to see Dogecoin regain support of the 21-day EMA for a move back up to its next resistance level at 23 cents. If it was able to regain the level as support, it could trade up toward the 28-cent level.

Bears want to see Dogecoin fall back under the descending trendline and for the crypto to lose support at 16 cents. Because 16 cents is a key level for Dogecoin, because there is no close support below that, if Dogecoin loses the level it could fall toward the 8-cent mark.