Dogecoin price has had many opportunities for a bull rally handed to it on a platter over the past two months. However, DOGE seems to be squandering them. The recent uptick in buying pressure seems to be waning and market participants can expect DOGE to continue crashing.
Dogecoin price rose roughly 61% between January 10 and January 14 and set up a swing high at $0.216. Since November 30, 2021, DOGE has retested this barrier thrice, giving rise to the triple top setup.
This technical formation is a top reversal pattern and forecasts the end of an uptrend and the start of a downtrend. The last two times DOGE failed to move higher led to more corrections that extended beyond 25%.
So far, DOGE has dropped 17% and is currently trading below the weekly resistance barrier at $0.194. Increased selling pressure will likely knock Dogecoin price to the weekly support level at $0.163. Here, the meme coin could try to set a base and attempt an uptrend, though it is unlikely.
Therefore, investors can expect Dogecoin price to revisit the $0.15 barrier, where DOGE has been meandering for most of 2022. In some cases, the $0.128 support floor could be retested before a meaningful uptrend begins.
DOGE/USDT 4-hour chart
On the other hand, if Dogecoin price overcomes the immediate hurdle at $0.194 and produces a four-hour candlestick close above $0.215, it will create a higher high. This development will skew the odds in bulls’ favor and invalidate the bullish thesis.
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