Dogecoin (CRYPTO: DOGE) spiked up 16% at one point during the 24-hour trading session that began on Thursday at 8 p.m. but by Friday afternoon, the crypto had retraced about 9% from its high-of-day.
The spike higher offered some relief to traders and investors holding the Shiba Inu-themed cryptocurrency, which plummeted about 47% between Monday and Thursday, to reach a low of 6.5 cents.
Dogecoin’s higher prices may be temporary, however, if the possible bear flag the crypto is settling into plays out and the long upper wick on Dogecoin’s daily candle may indicate the break down from the pattern could come as soon as Saturday.
The bear flag pattern is created with a steep drop lower forming the pole, which is then followed by a consolidation pattern that brings the stock higher between a channel with parallel lines or into a tightening triangle pattern.
For bullish traders, the “trend is your friend” (until it’s not) and the stock may continue to rise upwards …
Full story available on Benzinga.com