Dogecoin (CRYPTO: DOGE) spiked up over 7% higher at one point Wednesday as it continued its trek north in a strong uptrend pattern on the daily chart. An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control, while the intermittent higher lows indicate consolidation periods. Traders can use moving averages to help identify an uptrend, with rising lower timeframe moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term uptrend.
