Dogecoin was continuing its upwards ascent Friday, rising about 1.6% higher in a continued bullish reaction to a double bottom pattern the crypto printed on April 11 and April 12.
The bullish reaction to the double bottom pattern at the $0.133 level caused Dogecoin to reverse course into an uptrend, with the most recent higher low printed on Thursday at the $0.136 level and the most recent higher high printed on Friday at the high-of-day.
If the crypto continues in its uptrend, it will eventually need to fall down to print another higher low, which could offer bullish traders who aren’t already in a position a solid entry point.
On Thursday, when Dogecoin closed the 24 hour trading session above the eight day exponential moving average , it negated a possible bear flag pattern, which may give bullish traders more confidence going forward. On Friday, the crypto tested the eight day EMA as support and held above the level.
Dogecoin is having difficulty gaining momentum due to lower-than-average volume . At press time, Dogecoin’s volume on Coinbase was registering in at only about 201 million compared to the 10 day average of 389 million.
The 50 day simple moving average , which is trending just above the 13 cent level, has begun to curl upwards, which is a positive sign for the bulls.
If big bullish volume eventually comes in and Dogecoin is able to soar up above the 200 day SMA and trade above the level for a period of time, the 50-day SMA will eventually cross above the 200 day, which would cause a golden cross to occur on the chart to indicate the crypto is in a bull market.
Dogecoin has resistance above at 16 cents and the $0.176 mark and support below at $0.146 and $0.135.