Dogecoin Looks Set To Launch Despite Losing The Moon Race To DogeBonk: Twitter Awaits Elon Musk Reaction

Dogecoin DOGE/USD was printing a bullish pattern on Monday despite losing the race to become the first crypto to reach space.

DogeBonk DOBO/USD took that title last week, claiming it on Twitter Inc TWTR after launching its logo 90,000 feet up on a weather balloon. DogeBonk enthusiasts celebrated the mission, which was streamed Sunday on Twitch, by getting the hashtag #SorryElon trending on Twitter in an attempt to goad Tesla Inc TSLA CEO Elon Musk.

On April, 1, Musk claimed his company, SpaceX, would take Dogecoin to the moon. The following month, Canadian-based Geometric Energy Corporation said it planned to launch a lunar satellite aboard a SpaceX Falcon 9 rocket, which would be paid for in Dogecoin.

At press time, Musk had not yet taken to Twitter to comment on DogeBonk, but in June, after Bitmex said it planned to beat Dogecoin by taking Bitcoin BTC/USD to the moon first, Musk responded swiftly to write “a new space race has begun.”

Although Dogecoin enthusiasts likely would have preferred to hold the title of "first crypto to space," many traders and investors of the crypto would likely prefer for Dogecoin’s price to rebound. If the crypto can react bullishly to the double bottom pattern it has printed, a move north may be in the cards.

See Also: How to Buy Dogecoin

The Dogecoin Chart: On Dec. 17, Dogecoin dropped down to the $0.161 level and ran into a group of dip buyers who caused the crypto to pop back up and wick from the level. On Monday, Dogecoin retested the level and again ran into buyers, which created the double bottom pattern.

By late afternoon, Dogecoin was working to print a bullish hammer candlestick, which could indicate higher prices will come on Tuesday. If the bullish patterns are recognized, Dogecoin could regain support at the eight-day exponential moving average (EMA), which would be the first sign a new uptrend may be slowly beginning.

Dogecoin was trading on lower-than-average volume on Monday, which indicates consolidation as there are neither a large number of buyers or sellers. By late afternoon, Dogecoin’s trading volume sat at about 187,331 compared to the 10-day average of 369,639.

• Bulls want to see big bullish volume come in and break Dogecoin up from the sideways trading pattern and above the eight-day EMA. Dogecoin has resistance near the 19-cent level and at 21 cents.

• Bears want to see big bearish volume come in and drop Dogecoin down below the double bottom level, which would confirm the crypto is trading in a downtrend. Dogecoin has support below at 16 cents and the 13-cent mark.

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Photo: Bill Jelen via Unsplash