Dogecoin shows up, but crypto is still showing signs of life for 2022 – Dogecoin – US Dollars ($ DOGE)

Dogecoin (CRYPTO: DOGE) traded slightly lower in consolidation on Wednesday after falling 7.55% in sympathy with Bitcoin during Tuesday’s 24-hour trading session, which hit the cryptocurrency market with a 6.26% decline this day shook.

As 2021 draws to a close, Dogecoin enthusiasts have dashed hopes for a year-end price target of $ 1. However, as the cryptocurrency continues to grow in utility, which is likely to continue into 2022, Dogecoin traders and investors will be watching for $ 1 predictions to pop up again next year.

While Dogecoin is used by influential personalities such as Tesla, Inc (NASDAQ: TSLA) CEO Elon Musk and American billionaire entrepreneur Mark Cuban For its use case in buying and selling products and services, crypto is more than a currency for the community that gathers around it.

The hashtag #DoGoodEveryday has remained trending on social media this year and the #DogeArmy has partnered mainly to use the Shiba Inu-themed crypto to help and support others. Dogecoin has not only proven itself with companies like Tesla and AMC Entertainment Holdings, Inc (NYSE: AMC) but it has also been used by charities and organizations like MrBeasts’ TeamSeas.

On Wednesday, Dogecoin co-creator Billy Markus went to Twitter to write, “If you want to keep the community intact, it has to be about something other than the price of Dogecoin,” likening trading crypto to gambling. For technical traders, however, there are signs and signals on the Dogecoin chart that can indicate the future direction.

See also: 2021 was the year of Dogecoin: a month after month retrospective with top stories

The Dogecoin Chart: While Dogecoin is down about 13% overall over the past four days, it hasn’t negated the possible uptrend the crypto may have flipped into after printing a double bottom at the $ 0.161 level on December 17th and 20th The most recent high was printed at $ 0.195 on December 25th and for the uptrend to be confirmed, Dogecoin will have to shoot above that level in the near future.

On Wednesday, Dogecoin printed a doji candle on the daily chart, suggesting a higher low could be formed. A doji candlestick is often at the top or bottom of a trend and can indicate that a trend reversal is in sight. If the pattern is caught, traders can expect Dogecoin to rise higher on Thursday.

Dogecoin trades below the exponential moving averages (EMAs) of 8 and 21 days, with the 8-day EMA trading below the 21-day trend, both bearish indicators. The crypto is also trading below the 50-day simple moving average, suggesting that the longer-term sentiment is bearish.

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• Bulls want to see large bullish volume on Thursday to push Dogecoin above the EMAs and then above a resistance level of $ 0.196, which will cause the crypto to print a higher high and confirm the uptrend. Above the level there is another resistance at $ 0.211 and the 23 cent level.
• Bears want to see large bearish volumes and drop Dogecoin below the 16 cent mark, suggesting a downtrend has begun. Below the range there is support at 13 cents and the 10 cent mark.
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