- Dogecoin price remained under the bearish pressure, but trading near a major resistance area.
- The price is at a major crossroads, as there lies a crucial barrier around 58.0 Satoshis for buyers to break.
- The price continued to trade below the 100 hourly simple moving average (SMA), which is a warning sign.
Dogecoin price struggled recently to trade higher, as sellers remained in control and the 100 SMA acted as a hurdle.
Sellers in Control
There was a solid downside move noted in the Dogecoin price, as there was a break below a triangle pattern formed on the hourly chart. However, the upper trend line of the triangle pattern is still in play and acting as a hurdle for buyers. Moreover, there is a new small triangle pattern formed on the hourly chart, which is likely to act as a mover in the coming sessions.
There are many resistances on the way up for the price, starting with the triangle upper trend line. The next important area could be around the 100 hourly simple moving average, which is positioned just above the triangle. Furthermore, we have our