- Dogecoin price cleared a contracting triangle as highlighted recently, and traded lower.
- The price remains under the bearish pressure, which means more losses are possible moving ahead.
- A new weekly low was formed below 55.0 Satoshis, which can act as a support moving ahead.
Dogecoin price suffered more losses and created a new low at 54.5 Satoshis, as buyers failed to hold the downside.
The Dogecoin price weakened Intraday, as sellers managed to clear an important support area in the form of a contracting triangle. We anticipated a break in yesterday’s post, but the direction was not clear. Now, we have a break, and the price also settled below the last low of 55.0 Satoshis more losses are possible. There are a few important points to note. First, the price is now struggling to trade above the broken triangle trend line. Second, it is still below the 100 hourly simple moving average, which is a significant bearish sign. Third, our monster bearish trend line on the hourly chart is still in play that could act as a hurdle if the price attempts to move higher.