CandleFocus Dogecoin Forms A ‘Nasty Triple Top’: Analyst Reveals What’s Next
2024-11-20
Author: Content Editor
The Dogecoin price is showing a bearish chart pattern on the 4-hour timeframe, indicating caution for investors. After initially breaking out of a bullish falling wedge pattern, the breakout failed to meet expectations. The memecoin faced strong resistance at the 0.786 Fibonacci retracement level and until this level is broken, there is nothing to be overly excited about. The next significant move for Dogecoin is likely to coincide with Bitcoin clearing the $100,000 mark. A triple top formation at the 0.786 Fib suggests potential downward pressure for Dogecoin. The price target is a correction to the $0.30 to $0.26 range, which is a 30-40% correction from the local top. In the longer term, closing a monthly candle above $0.335 will be an important milestone for Dogecoin. At present, DOGE is trading at $0.39.
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