- Dogecoin price continued to remain under the bearish pressure, and our highlighted double top pattern is still in play.
- There is a cluster of resistance formed on the upside for buyers around 56.0-57.0 Satoshis.
- The price continued to consolidate near the 100 hourly simple moving average, as there was no break.
Dogecoin price remains at risk of a break lower since our highlighted double top pattern is still in play.
Double Top Pattern
We highlighted a double top pattern yesterday, which is still in play and might act as a catalyst for a downside move in the near term. Currently, the price is consolidating near the 100 hourly simple moving average, and awaits a catalyst for the next move. The double top pattern resistance is still intact and might play a major role in the near term for both buyers and sellers. If the price moves higher from the current levels, then there is a possibility that it might face a lot of sellers on the way up.
The most important resistance forming is around 56.5-57.0 Satoshis. The stated area is the double top resistance, and the 50% Fib retracement level of the last drop from 63.0 Satoshis to 51.1 Satoshis is also positioned with it. It won’t be easy for buyers to break the highlighted resistance area, as they have struggled time and again to break it. If anyhow they succeed in breaking it, then a move towards the 60.0 Satoshis handle is possible.
On the downside, the Middle Bollinger Band might act as a support area. A break above it could take the price towards 52.0 Satoshis, followed by the last low of 51.1 Satoshis.
Intraday Support Level – 52.0 Satoshis
Intraday Resistance Level – 56.0 Satoshis
The hourly RSI and MACD are in the negative zone, highlighting more losses moving ahead.
Charts courtesy of Trading View