With a golden cross now visible on its chart, the meme coin is showing some promise of an uptrend, and the Dogecoin bull flag pattern has people taking notice. Should it manage to leave key resistance behind, this technical formation may well mark the beginning of a new bullish chapter.<\/p>\n
99Bitcoins has released an analysis of the situation, noting that what is forming for Dogecoin is a textbook bull flag. One would expect to see such a pattern after a solid run-up and some subsequent consolidation; it indicates that more upside is possible provided resistance is broken. For now, the price is being contained in a tight band from $0.105 down to the 200-day EMA, which is serving as support.<\/p>\n
There is weight to the bull flag in that it is usually a harbinger of the prior trend resuming. A break above resistance could be all it takes to set off another rally for Dogecoin, especially since the rest of the technicals are pointing in the bulls\u2019 direction.<\/p>\n
The Dogecoin chart presents yet another bullish signal in the form of a golden cross. The 50-day moving average has crossed above the 200-day, which is a textbook example of momentum turning in the buyers\u2019 favor. Ali from the 99Bitcoins channel has pointed out that such a crossover lends credence to the idea of a breakout for Dogecoin, provided resistance can be overcome.<\/p>\n
At the moment, the coin is trading in a narrow band from $0.094 to $0.097, perhaps setting the stage for a triangle pattern. It is an important period of consolidation; should Dogecoin make a firm move above the 200-day EMA, it would only serve to validate the bullish outlook.<\/p>\n
The technicals may be looking good, but the broader crypto market is exerting its own kind of pressure. With Bitcoin retreating to $85,000 and Ethereum down to $2,680, altcoins such as Dogecoin are facing headwinds. In this climate, a bullish case for DOGE has to contend with prevailing sentiment in addition to its own resistance levels.<\/p>\n
Then there is the matter of what constitutes a true breakout. Analyst Ali points out that one would have to see Dogecoin close above the 200-day EMA to confirm any bullishness; doing so would be enough to set off a solid move up and validate the bull flag pattern on the charts. Traders are keeping a close eye on the meme coin to determine if it can push past those obstacles and get a rally going.<\/p>\n
This article reflects the channel author\u2019s opinion and is not investment advice.<\/em><\/p>\n Every call by 99Bitcoins and how it played out \u2014 in the BuyCrypt bloggers tracker<\/a>.<\/em><\/p>\n Source \u2014 99Bitcoins: https:\/\/www.youtube.com\/watch?v=MBSSiOE2Nx0<\/a><\/em><\/p>\n <\/p>\n Explore our trading simulator to practice spotting patterns like the Dogecoin bull flag without risking real money. Practice trading risk-free<\/a>.<\/p>\n <\/p>\n