Dogecoin (CRYPTO: DOGE) popped up over 4% higher on Wednesday, in tandem with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were trading over 5% and 6% higher, respectively.
The crypto had been trading into a tightening range within a triangle pattern after plunging over 25% between April 26 and April 30, which settled Dogecoin into a bear flag pattern on the daily chart but the surge following the Federal Reserve’s decision to raise interest rates by .5bps as opposed to .75 bps set the markets on fire.
Dogecoin may be reversing into an uptrend, which would bring much relief to the retail traders who closely follow the crypto.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control, while the intermittent higher lows indicate consolidation periods.
Traders can use moving averages to help identify an uptrend, with rising lower timeframe moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term …
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