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Dogecoin Price Technical Analysis – Double Top in Making

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Dogecoin Price Technical Analysis – Double Top in Making

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Dogecoin price made one more attempt to go pass 60.0 Satoshis, but failed as there was a lack of momentum.
  • A crucial double top pattern might be forming, which can push Dogecoin prices lower in the short term.

Buyers managed to take advantage recently and pushed prices of Doegoin higher, but it looks like there is a topping pattern in making that could ignite a short-term correction.

Double Top Pattern

There was a sharp reaction noted around 50.0-50.6 Satoshis, which took the price back higher. An important level of 60.0 Satoshis was almost tested where Dogecoin failed once before. The mentioned failure raised the probability of a double top pattern on the hourly chart. 60.0 Satoshis holds a lot of significance and if the pattern is valid, we can witness a sharp decline in prices moving ahead.

Dogecoin

The price also tested the Upper Bollinger Band, so it can be considered as a perfect failure. A break below the Middle Bollinger Band might ignite more losses, which could take the price towards 52.0 Satoshis. However, if the double top pattern takes shape, then the wave duplication might push the price towards 48.0 Satoshis. The mentioned level is very crucial, as it represents a major swing area. Buyers may well take a stand around 48.0 Satoshis if prices decline.

Yesterday, we highlighted that buyers may perhaps make one attempt to retest 60.0 Satoshis, but it won’t be easy for them to take prices above it. Moving ahead, there are chances of ranging moves as long as the price is below 60.0 Satoshis.

Intraday Support Level – 54.0 Satoshis

Intraday Resistance Level – 60.0 Satoshis

It looks like the hourly RSI might settle below the 50 level, which may perhaps encourage sellers. We need to see how long buyers can hold, as there are a lot of bearish signs developing.

 

Charts courtesy of Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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