- Dogecoin price continues to find bids around an important support area of 52.6
- A crucial contracting triangle pattern is formed on the hourly chart, which might ignite a break moving ahead.
- Buyers are attempting for a break, and if they succeed we might witness gains in the near term.
Dogecoin price is eyeing a break moving ahead with resistance around 54.0-5 Satoshis and support near 53.0 Satoshis.
The Dogecoin price recently traded close to the 52.5 Satoshis support area where buyers appeared to defend more downsides. Sellers tried many times to clear the mentioned support area, but they failed to overcome buying pressure. The price is currently correcting higher and trading near 53.0 Satoshis. There is a contracting triangle pattern formed on the hourly chart, which might act as a catalyst for a break in the near term.
The triangle resistance trend line is coinciding with the 23.6% Fib retracement level of the last drop from 58.4 Satoshis to 52.6 Satoshis. So, if there is break above the triangle resistance, the price might head higher towards the 38.2% Fib retracement level. The price is currently