Dogecoin (CRYPTO: DOGE) was spiking up over 3% higher at one point on Saturday, showing strength in comparison to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were trading flat.
On Friday, Benzinga pointed out a bounce was likely to come because at that time Dogecoin was printing a hammer candlestick on the daily chart. While Dogecoin didn’t close the 24-hour trading session with a hammer candlestick, the crypto ended up printing a long-legged doji candlestick, which is also a bullish reversal indicator.
Dogecoin has settled under a descending trendline on the daily chart, which acts as a resistance level and indicates there are more sellers than buyers, causing the price to continue to fall.
In order for a trendline to be considered valid, the stock or crypto …
Full story available on Benzinga.com