- Dogecoin price continued to remain under the bearish pressure, and our highlighted double top pattern is still in play.
- There is a cluster of resistance formed on the upside for buyers around 56.0-57.0 Satoshis.
- The price continued to consolidate near the 100 hourly simple moving average, as there was no break.
Dogecoin price remains at risk of a break lower since our highlighted double top pattern is still in play.
Double Top Pattern
We highlighted a double top pattern yesterday, which is still in play and might act as a catalyst for a downside move in the near term. Currently, the price is consolidating near the 100 hourly simple moving average, and awaits a catalyst for the next move. The double top pattern resistance is still intact and might play a major role in the near term for both buyers and sellers. If the price moves higher from the current levels, then there is a possibility that it might face a lot of sellers on the way up.
The most important resistance forming is around 56.5-57.0 Satoshis. The stated area is the double top resistance, and the