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The price of Dogecoin climbed as much as 0.0831 where it has found resistance. Now, it has slipped lower and is trading at 0.0799 at the time of writing. Bitcoin turned to the downside after failing to make a new higher high, so the altcoins dropped as well.
DOGE/USD is up by 0.03% in the last 24 hours and by 7.51% in the last 7 days. Bitcoin's deeper drop should drag the altcoin down as well.
As you can see on the H1 chart, the price rebounded and climbed higher within a minor channel (flag pattern). You knew from my previous analysis that this could be only a temporary growth and that the channel may represent a bearish formation.
It has registered a new false breakout above the broken uptrend line and through 0.0817 upside obstacle signaling that the swing higher could be over.
Dropping below the 0.0796 immediate support may announce a potential drop below the minor uptrend line. Activating the flag formation could open the door for a swing down. This could bring us new selling opportunities.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
