You'll Be Able To Mine Dogecoin With This Social Media App: Technical Analysis

Hello Pal International, Inc HLLPF was trading up over 5% on Tuesday, in tandem with Dogecoin DOGE/USD and Litecoin LTC/USD, which were trading up about 2% and 3%, respectively, by early afternoon.

The beaten down stock has suffered from a downturn in both the general markets and the crypto market, which have experienced a high amount of bearish volatility.

Hello Pal is a social media app that focuses on social interaction, language learning and travel where users can communicate in real time with other users from all over the world by chat or livestream video and by interacting with pictures users are able to upload to the app.

The platform also includes a cryptocurrency wallet and, in the future, is set to offer a crypto mining service where users can own or part-own their own specific miner, housed by Hello Pal, to begin mining Bitcoin BTC/USD, Ethereum ETH/USD, Litecoin and Dogecoin.

Since Nov. 16, 2021, when Hello Pal reached a high of 70 cents, the stock has fallen over 72% in sympathy with a slump in the general cryptocurrency markets. On Wednesday, Hello Pal was printing a reversal signal that the bottom may be in.

See Also: How To Buy Dogecoin • The People's Currency

The Hello Pal Chart: On Monday and Tuesday, Hello Pal tested a support level just over the 16-cent mark and held above it. That back test of the area, combined with similar price action on Jan. 24 and Jan. 25 has created a possible bullish quadruple bottom pattern.

On Tuesday, Hello Pal was working to print a bullish Marubozu candlestick and an inside bar, with all of Tuesday’s price action within Monday’s range. The inside bar pattern leans neutral because Hello Pal has been trading in a horizontal pattern since Jan. 10 and traders can watch for a break up or down from the inside bar on Wednesday to gauge future direction.

Hello Pal is experiencing a high level of volume, which indicates a high level of investor interest may be returning to the stock. By midafternoon on Tuesday about 320,000 shares of Hello Pal had exchanged hands compared to the 10-day average of 161,050.

Hello Pal is trading below the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending below the 21-day, both of which are bearish indicators. Hello Pal is currently rejecting the eight-day EMA as resistance, but if the stock can regain the area as support, it would give bull more confidence going forward.

Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.

• Bulls want to see sustained big bullish volume drive Hello Pal up over the eight-day EMA and a resistance level at $0.215, which would be the first indication the stock may begin to trade in an uptrend. Above that level, there is further resistance at 29 cents and the 35-cent level.
• Bears want to see big bearish volume come in and break Hello Pal down below the 52-week low of $0.153, which would set Hello Pal into a downtrend. The stock has support below that level at 12 cents, followed by the area just above the 8-cent mark.

See Also: Dogecoin Continues To Head Lower — Why The Meme Coin Millionaire Isn't Buying This Dip