- Dogecoin price spiked higher as anticipated in yesterday’s post and created a new high above 57.0 Satoshis.
- Sellers failed to capitalize on the double top pattern, and as a result there was an upside reaction.
- Looking at the broad view, there is likely an ascending channel pattern formed on the hourly chart.
Dogecoin price managed to gain bids, and traded above a major resistance above 57.0 Satoshis.
Ascending Channel Formation
We followed a double top pattern on the hourly chart, which should have been resulted in a downside move. However, we noticed yesterday, that sellers failed to gain momentum, which created a risk of a break higher. The price did move higher Intraday, and even managed to spike the previous swing area of 57.0 Satoshis. A new weekly high was established around 58.3 Satoshis. There were a lot of spikes in volatility as well, which can be clearly seen on the hourly RSI.
However, one disappointing aspect to note was the fact that there was no major upside move, as sellers stepped in to prevent gains. The price dived