- As highlighted yesterday there is a contracting triangle pattern formed on the hourly chart, which might produce swing moves in the short term.
- The triangle is contracting, which means there is a break likely moving ahead.
- The only concern for buyers is that the price is below the 100 hourly simple moving average (SMA).
Dogecoin price is heading towards a break and it would be interesting to see which way the price moves after it.
There was a nice bullish reaction noted for the Dogecoin price, which helped buyers to gain traction after the price traded as low as 56.5 Satoshis. The stated level was around the 76.4% Fib retracement level of the last wave from 53.5 Satoshis to 65.9 Satoshis tp produce a bounce. Now, there is a contracting triangle pattern forming on the hourly chart, which could act as a catalyst for a break in the near term. If we look at the hurdles on the upside, then the triangle Upper trend line is positioned with the 100 hourly simple moving average. It means there is a chance of sellers appearing around the 61.0 Satoshis.