- Dogecoin price is struggling to hold the ground, as sellers look in control.
- There is an ascending channel pattern forming on the hourly chart, as highlighted in this past week’s analysis.
- The price is trading near the 100 hourly simple moving average, which might produce a move in the near term.
Dogecoin price is likely to continue in a range and might trade inside an ascending channel formed on the hourly chart.
Range Trading Moves
We noticed a down-move in the Dogecoin price, as it moved below the last low of 52.0 Satoshis, and created a new low. There is now an ascending channel pattern forming on the hourly chart, which we highlighted in this past week’s analysis too. The price is currently finding buyers around the channel support trend line, which if breached might open the doors for more losses in the near term. As can be seen in the chart, the price is trading near the 100 hourly simple moving average, but struggling to close above it. The price even traded below the 50% Fib retracement level of the last wave from 51.1 Satoshis to 58.3 Satoshis.