- Dogecoin price continued trading in a range during the past couple of sessions, and remains at a risk of a break.
- There is a breakout pattern forming on the hourly chart with an important resistance around 56.0-57.0 Satoshis.
- Our highlighted double top pattern is still valid, but it is fading slowly as sellers failed to gain momentum.
Dogecoin price continued to consolidate in a range, and currently forming a contracting triangle pattern for a break.
We have been following a double top pattern on the hourly chart, and waiting for a break. However, it looks like the mentioned pattern is fading and the chances of it going in favor of a decline are less, as sellers failed to gain momentum. Currently, there is a contracting triangle pattern forming on the hourly chart, which might act as a catalyst for a break in the near term. We need to see which way the price heads and whether it can move down or not.
On the upside, a break above the triangle might take the price towards a major