Dogecoin Price Technical Analysis – Downside Bias Vulnerable

Key Highlights

  • 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.

Triangle Pattern

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.

Dogecoin Price Technical Analysis Dogecoin Price Technical Analysis

On the upside, a break above the triangle might take the price towards a major

Read more ... source: NewsBTC USA