Dogecoin Consolidates Recent 50% Surge: Is The Crypto Preparing For Another Leap Higher? – Dogecoin (DOGE/USD)

Dogecoin DOGE/USD was consolidating during Monday’s 24-hour trading session after surging over 50% between Nov. 21 and Sunday to reach a high of $0.107.

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The consolidation was taking place within an inside bar pattern, which saw Dogecoin trading down about 4% from the Sunday session’s closing price.

An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.

An inside bar pattern has more validity on larger time frames (four-hour chart or larger). The pattern has a minimum of two candlesticks and consists of a mother bar (the first candlestick in the pattern) followed by one or more subsequent candles. The subsequent candle(s) must be completely inside the range of the mother bar and each is called an “inside bar.”

A double, or triple inside bar can be more powerful than a single inside bar. After the break of an inside bar pattern, traders want to watch for high volume for confirmation the pattern was recognized.

• Bullish traders will want to search for inside bar patterns on stocks that are in an uptrend. Some traders may take a position during the inside bar prior to the break while other aggressive traders will take a position after the break of the pattern.
• For bearish traders, finding an inside bar pattern on a stock that’s in a downtrend will be key. Like bullish traders, bears have two options of where to take a position to play the break of the pattern. For bearish traders, the pattern is invalidated if the stock rises above the highest range of the mother candle.

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The Dogecoin Chart: Dogecoin has recently decoupled from Bitcoin BTC/USD and Ethereum ETH/USD, showing high levels of bullish volatility while the apex cryptos have traded slightly lower on mostly declining volume. Compared to Bitcoin and Ethereum, Dogecoin appears much more bullish headed into the next few trading days.

• During…