- Dogecoin price as mentioned yesterday formed a double top pattern near the last swing high of 67.0
- We need to wait for a break in order for the price to move lower and retest 60.0
- The price is attempting to close below the 100 hourly simple moving average, which is a negative sign for buyers.
Dogecoin price formed a double top pattern recently, and if sellers gain control more losses are possible moving ahead.
Double Top Formation
We highlighted in yesterday’s analysis that the Dogecoin price formed a double top pattern on the hourly chart, as there were two rejections noted around 67.0 Satoshis. Sellers were seen aggressive once the pattern was formed. The neckline of the pattern is also broken, and the price is attempting to close below the 100 hourly simple moving average. Currently, the price is trading around the 88.6% Fib retracement level of the last wave from 59.9 Satoshis to 67.0 Satoshis.
It is likely that the price might head lower and retest the last swing low of