While Bitcoin (CRYPTO: BTC) was skyrocketing on Friday up toward its April 14 all-time high of $64,899, Dogecoin (CRYPTO: DOGE) was, more or less, lounging near the 23-cent level. Since the Sept. 7 cryptocurrency flash crash, many popular alt-coins have decoupled from apex cryptos Bitcoin and Ethereum (CRYPTO: ETH).
The cryptocurrency sector may be falling back into its more typical cycle of bullish alt-coin moves succeeding the Bitcoin and Ethereum bull market: where money moves from the larger cryptos, when whales and experienced traders begin to distribute their positions, to the smaller coins.
See Also: Why Is Dogecoin Not Keeping Pace With Major Cryptocurrencies Today?
The Dogecoin Chart: On Oct. 13 Dogecoin broke up bullishly from a falling channel that had been holding the crypto down since reaching a high of 27 cents on Oct. 6. When Dogecoin hit a bottom at the $0.216 mark on Oct. 12, bulls came in and the crypto printed a bullish hammer candlestick on the 24-hour chart, which indicated higher prices were likely to come.
The crypto then soared up about 11% higher to the 24-cent mark, which created a slightly higher high above the previous lower high of $0.239; this indicated a trend change was in the works. Dogecoin confirmed the trend on Friday by printing another hammer candlestick and creating a higher low.
Dogecoin is trading above the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day, both of which are bullish indicators. The crypto is also trading above the 20-day simple moving average, which is bullish for the longer term.
- Bulls want to see big bullish volume come in and push Dogecoin up above the 24-cent level to continue the uptrend. There has been some resistance created near the $0.248 level and above that, there is another area of resistance at 26 cents.
- Bears want to see big bearish volume come in and drop the crypto down $0.216, which would negate the uptrend and begin a new downtrend. Dogecoin has support below at the 19 and 16 cent marks.