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In a recent tweet, crypto trader Kaleo reiterates his belief that Dogecoin is long overdue for a god candle in its Bitcoin pairing.
A "god candle" refers to a single candlestick, which can be on any time frame, that takes the price massively up in an instant.
Dogecoin is trading for 0.000002 in its Bitcoin pairing. Since reaching 0.00000244 in its Bitcoin pairing, Dogecoin has consolidated between the moving averages 50 and 200 on the one-day chart, with only a few attempts to break out of it.
Toward August's close, Dogecoin persisted in its attempts to break out to the upside from its range, with this yet to achieve significant results.
As it stands, Dogecoin's moving averages are drawing closer and might make a crossover in the coming days. The 50 day SMA has turned upward, indicating the potential of a golden cross, which might trigger bullish momentum for Dogecoin on its Bitcoin chart.
Dogecoin news
Dogecoin is set to enter public markets with the help of Elon Musk’s personal lawyer, Alex Spiro. Fortune reports that investors are receiving pitches for a Dogecoin treasury company, citing six sources who preferred to remain anonymous.
The company plans to raise at least $200 million, according to two of the sources. Details about the structure of the public vehicle or when it would launch are still unknown. House of Doge, the official corporate entity behind the Dogecoin cryptocurrency, is said to have signed off on the treasury play as the "official" Dogecoin vehicle.
At the time of writing, Dogecoin was trading at $0.217. According to Ali, a crypto analyst, Dogecoin is consolidating in a triangle with the potential for a 30% price move. Ali highlighted that a break over $0.23 would be essential as it might kick-start the next leg of uptrend for Dogecoin's price.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team