Dogecoin Is Above This Bellwether Indicator, Elon Musk Agrees Twitter Space Q&A: What’s Going On? – Dogecoin (DOGE/USD)

dog coin doge/usd It had bounced slightly during Saturday’s 24-hour trading session and closed just above that, after falling more than 10% during Friday’s session. 200-day simple moving average (SMA),

S&P 500 It fell 1.11% on Friday for a total loss of over 5% since the market opened on Tuesday, which negatively impacted the crypto sector.

on CNBC’s “Squawk Box” Jim Cramer Told People should be negative on crypto, but he feels people are being too negative on stocks.

“I think there are some real interesting opportunities every day, including today, and everyone is pretty negative, I think you should be negative on crypto,” Cramer said.

i am negative XRP XRP/USD, Litecoin LTC/USDAnd Dogecoin because I haven’t found anyone yet that actually takes them,” Cramer said. “It’s like $80 billion of non-bitcoin that’s destined to be wiped out.”

Cramer made similar comments on December 8, Referring to Dogecoin as an “ant con”.

Despite Cramer’s claims, Dogecoin has utility. Crypto has been used for several fundraising campaigns and can be used to purchase tickets and concessions at AMC theaters. Tesla has also offered merchandise for sale in DOGE, and Dallas Mavericks fans have been able to purchase tickets to Mavericks games using the cryptocurrency.

Dogecoin also has celebrity endorsements, notably Elon MuskWho? reacted To sir dog of the coin Feather Twitter To say on Friday that he would be willing to join the Dogecoin community on the Twitter space to answer some questions closer to Christmas. Dogecoin enthusiasts are hoping that Musk will eventually allow Dogecoin to be used as payment on his newly acquired social media platform.

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Dogecoin Chart: When Dogecoin dropped on Friday, the crypto tagged the 200-day SMA and bounced slightly above the level. The 200-day SMA acts as both heavy support and resistance, making it unlikely that the stock or crypto will slide through the area on the first attempt.

  • Because Dogecoin remained above the 200-day, it indicates that the crypto is in a bull market. The 50-day SMA is also trading above the 200-day, which is a good sign for the bulls.
  • During Saturday’s trading session, Dogecoin was printing an inside bar pattern on the daily chart, which suggests that consolidation is underway. Unfortunately for the bulls, the pattern leans bearish in this case because Dogecoin was trading down before forming an inside bar and because the inside bar is forming below Friday’s trading range.
  • If Dogecoin breaks bearish from the inside bar later on Saturday or Sunday, the crypto could fall under the 200-day SMA, which would be bearish. If the crypto trades under the 200-day SMA for a while, the 50-day SMA will eventually break below the 200-day, forming a death cross.
  • Dogecoin faced resistance above $0.083 and $0.099 and support below $0.075 and $0.07.

Read further: Baby Doge Coin Shows Weakness Against Dogecoin As Project Continues Token Burn: What’s Happening?

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