Dogecoin (CRYPTO: DOGE) is being donated in an effort to clean up the oceans in partnership with popular YouTube personalities MrBeast and Mark Rober. Every dollar worth of Dogecoin donated to TeamSeas will help to remove one pound of trash from the world’s oceans and the collective fundraiser has already received over $70,000 in Dogecoin donations.
In 2019, MrBeast (Jimmy Donaldson) and Rober began an initiative called TeamTrees through which they raised over $23 million to help combat deforestation through The Arbour Day Foundation. The planting of over 23 million trees began in January of 2020 and the project is expected to be completed by the end of 2022.
Dogecoin may be the perfect cryptocurrency to choose as a partner for fundraising efforts to better the planet because the community rallies around the motto “do good every day.” Some may not believe, Dogecoin has been behaving well so far this month as the crypto has fallen about 22% from the Oct. 28 high of 34 cents. Dogecoin has settled into two patterns, however, which look set to break.
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The Dogecoin Chart: On Friday, Dogecoin was trading in an inside bar pattern on the daily chart, with all of the price action within Thursday’s trading range. The inside bar indicates the crypto is in a period of consolidation due to increasingly lower trading volume. Traders can watch for the break of the inside bar pattern, if it happens on high volume, to gauge Dogecoin’s next direction.
Dogecoin is also trading in a descending triangle pattern, which began on Oct. 29 and has been pushing the crypto down while holding above a horizontal trendline at the $0.252 mark. Dogecoin will meet the apex of the triangle on Nov. 9 and traders can watch for Dogecoin to break up or down from the pattern on high volume to take a position.
If Dogecoin closes the 24-hour trading period near its opening price of $0.263 it will print a doji candlestick, which may indicate a reversal to the upside is in the cards. When a doji candlestick is printed at the bottom of a downtrend it often indicates an uptrend will begin.
Dogecoin is trading pinned between the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day, which indicates indecision. The crypto is trading about 9% above the 50-day simple moving average, which indicates longer-term sentiment is bullish.
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- Bulls want to see big bullish volume come in and break Dogecoin up from both the inside bar and descending triangle patterns. Above the two formations, Dogecoin has resistance above at $0.263 and the 29-cent level.
- Bears want to see big bearish volume come in and break the crypto down from the patterns and for Dogecoin to lose the 25-cent level and make a lower low, which would confirm a downtrend. Dogecoin has support at $0.248 and the 23-cent level.