Dogecoin Gets Shunned By AMC Entertainment But Shows Strength In Consolidation

Dogecoin DOGE/USD was not the pick of the litter when AMC Entertainment Holdings Inc's AMC CEO Adam Aron took to Twitter Wednesday to announce the theater chain will add Ethereum ETH/USD, Litecoin LTC/USD and Bitcoin Cash BCH/USD as payment methods when it begins accepting Bitcoin BTC/USD by the end of this year.

Popular Fintwit personality and Dogecoin enthusiast @greg16676935420 responded on Twitter that he snuck a bag of skittles into an AMC theater in protest of the company not including dogecoin in the announcement. Dogecoin co-creator Billy Markus responded to Aron’s tweet to question why Litecoin was included instead of Dogecoin.

See Also: How to Buy Dogecoin

The Dogecoin Chart: Dogecoin fell in sympathy with Bitcoin and a swath of other cryptocurrencies when El Salvador adopted Bitcoin as legal tender Sept. 7. The crypto has spent the following 11 days consolidating the flash crash.

In its consolidation, Dogecoin has settled into a pennant pattern on the daily chart, making a series of lower highs and higher lows as the price range tightens. Dogecoin will reach the apex of the pennant on Sunday and if the pattern is recognized both bulls and bears should watch for increased volume for confirmation.

Dogecoin’s moving average convergence divergence (MACD) is curling slightly upwards toward the upper signal line. When MACD crosses above the signal line, it is a buy signal for technical traders because it indicates price movement is strengthening.

The crypto is trading slightly below the eight-day exponential moving average (EMA) and below the 21-day EMA with the eight-day EMA trending below the 21-day, both of which are bearish indicators. Dogecoin is also trading slightly below the 200-day simple moving average (SMA) which indicates overall sentiment is bearish.

On Saturday, Dogecoin attempted to break up over the 200-day SMA, but failed and wicked from the level. However, if the crypto breaks up bullishly from the pennant, it will be able to easily regain both the eight-day EMA and 200-day SMA.

• Bulls want to see big bullish volume come in and break Dogecoin up from the pennant. Above the moving averages, Dogecoin has price history resistance at the 27-cent mark and psychological resistance at 30 cents.
• Bears want to see big bearish volume drop Dogecoin down from the pennant and for the crypto to lose support at the 23-cent level. Below that level Dogecoin has support at 16 cents.