Dogecoin (CRYPTO: DOGE) was trading mostly flat on Wednesday, in tandem with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were muted and trading in a tight daily range.
The Shiba Inu-themed crypto reached another milestone on Tuesday, with data showing there are 492,055 Doge holders on the Binance Smart Chain (BSC) and the tokenized Dogecoin smart contract is the fourth most-used contract on the blockchain, coming in ahead of Ethereum and USD Coin (CRYPTO: USDC).
The milestone shows the Dogecoin community is continuing to grow but on Wednesday, Dogecoin co-creator Billy Markus sent out another thread on Twitter to warn his followers about the negative effects of poor behavior on the crypto and its utility.
He stated that companies will stop accepting Dogecoin, the crypto will stop attracting new people and existing Dogecoin enthusiasts will leave to escape the negative environment.
“It’s important to match your output with our goals,” he said.
Dogecoin has negated a number of possible patterns on its chart now, such as a possible bear flag pattern and a tightening triangle formation that were appearing a few days ago. The crypto now looks to be trading in a horizontal pattern either in an accumulation or distribution phase.
The Dogecoin Chart: For the past dozen 24-hour trading sessions, Dogecoin has opened and closed within a small 1-cent price range between $0.133 and $0.143. The small daily trading range indicates the crypto is running out of both sellers and buyers. Whether the bulls or the bears come in to take control and break the crypto up or down from the pattern could be seen over the next few days.
- Bullish traders will want to watch for Dogecoin to close a trading session above a resistance level at $0.146, while bearish traders will want to watch for a drop below the $13-cent level.
- A break of the pattern can only be confirmed if higher-than-average volume enters into the crypto.
- On Wednesday, Dogecoin had far below-average volume, measuring in at just 162,000 compared to the 10-day average of 302,368.
- Above the $0.146 level, there is resistance at 16 cents. Below the 13-cent mark, there is support at 12 cents and at the psychologically important level of 10 cents.
