- The Doge price movement is on the cusp of designing the handle of the cup and handle pattern on the daily chart
- The DOGE / USDT print time rate is $ 0.32 based on a 2.3% decrease over the past 24 hours
- Dogecoin as the main sponsor of Watford FC
Dogecoin price action is warming up for significant moves in the future
DOGE / USDT on TradingView
Doge price is up an impressive 120% as the broader cryptocurrency market gains momentum on July 21st. Notwithstanding the massive pump, the price faced the overhead resistance of $ 0.35, causing it to decline 8%. Given that the crypto asset does well within the chambers of the vertical support trend, there is still a risk of pullback.
On the daily chart, investors can see that Dogecoin price forms a very bullish structure known as the cup and handle pattern. The August 15th swing high was accompanied by the formation of the handle pattern, which fell 8%. Nonetheless, price maintained its rapid momentum within the clutches of the long support trendline.
Today’s bearish candle underscores that the price is currently retesting the $ 0.30 support. The superior support at $ 0.30 can also be seen as the handle low almost supported by the presence of the 20-period moving average.
The measured move from the base of the bullish structure to this month’s swing high is exactly the same as the controversial resistance of $ 0.55. This means that the $ 0.36 overhead resistance stands amid a whopping 55% gain in the long run.
While the current pricing structure is in favor of a continuation of the uptrend, accumulation above the solid $ 0.30 support will create more momentum. In order for Dogecoin bulls to keep striving for the cup and handle, the price needs to break above the $ 0.55 resistance.
The fact that the Doge price is well above the 0.382 retracement point at the current level will cause buyers to rebound. At the same time, the loss of the critical level increases the likelihood of a deeper pullback and a breach of the support trendline. The occurrence of this scenario allows price to catch up with the EMAs and warn buyers to accumulate this asset at a discount.
Dogecoin is paving its way into the English Premier League by sponsoring the Watford FC shirt
From Elon Musk constantly costing Dogecoin to an overwhelming entry into the world of football, this meme has come a long way. The initiative to put the Dogecoin logo on the sleeves of one of the largest football leagues is due to the partnership with Stake.com.
Watford FC is the most crypto-friendly fan club in the English Premier League, as evidenced by the deal with Sportsbet.io, which was responsible for the presentation of the Bitcoin logo back in September 2019.
The English Premier League, the most widely supported and most watched football league in the world, is set to fuel this year’s hype crypto asset. This sponsorship is expected to generate interest among sports fans in investing in this meme asset.
Dogecoin search volume is currently over 537,000 and will most likely explode after being seen on the sleeves of Watford FC this season. With both the price movement and the hype that has given way to this token have peaked, investors can finally buckle their belts to the $ 1 station.
