#DOGE DOGE forms 'annoying triple top': analyst reveals next move

The DOGE price is currently showing a highly bearish chart pattern within a 4-hour time frame, indicating that investors may need to proceed with caution. After forming a bullish falling wedge pattern between November 12th and 19th, the expected breakout was brief and failed to meet bullish expectations. On November 19th, DOGE broke out of this formation, sparking preliminary optimism among traders. However, Cryptocurrency analyst Kevin (@Kev_Capital_TA) predicted that the breakout would be weak, and subsequent PA confirmed his prediction.
DOGE encountered a sharp decline at an important resistance level (especially the macro 0.786 Fibonacci retracement level). Kevin emphasized that there is nothing to be overly crazy about unless there is a thorough and violent breakthrough of this level. He also pointed out that BTC (Bitcoin) is facing significant resistance, indicating that the next major trend of DOGE may occur simultaneously with BTC breaking the $100,000 milestone. "Until then, everything will happen slowly," he noted.
Kevin urges traders to control their enthusiasm, saying, "Please control your excitement because there is nothing to be excited about in the short term. BTC is still at a major resistance level, and so is DOGE. There has been no breakthrough yet." He emphasized the importance of BTC's trend and added, "Conducting Technical Analysis on BTC is more important than conducting Technical Analysis on DOGE at the moment. DOGE is just trading sideways, waiting for BTC to make a pump or a drop. Where BTC goes, DOGE will follow in the short term."
Analyzing the 4-hour chart, Kevin found that Dogecoin has formed an 'annoying triple top' at the macro 0.786 Fibonacci level, which is a bearish signal that may indicate upcoming downward pressure. He warns that if the correction to $0.30 occurs as he previously mentioned, 'many blindly permanent longs will need some explanation.'
The triple top is a bearish reversal pattern in Technical Analysis, indicating a possible change from a rise trend to a downtrend. This occurs when the price reaches the same resistance level three times and fails to break through each time. This is happening with DOGE as it repeatedly fails to break through the 0.786 Fibonacci level ($0.41), indicating a weakening bullish momentum in the short term.
Kevin emphasized that DOGE has not yet broken through: "Unless it can cleanly break through the macro 0.786 Fib $0.41 level, it can only sideways." Looking ahead, he outlined a bullish scenario, assuming that this key resistance level is overcome. "If DOGE breaks through the macro 0.786 Fib with strength, then $0.80 to $0.85 is possible. However, there is still a lot of work to be done. BTC needs to pump further," he explained.
For the past few days, Kevin has been predicting a deeper pullback for DOGE. The formation of a triple top and the rejection of the 0.786 Fibonacci level supported his main hypothesis. He outlined his initial price target: 'The range we hope DOGE can hold is $0.30 to $0.26, which is the golden pocket pullback level. It is a 30-40% pullback from the local top, which is a perfect scale pullback in a Bull Market.'
In the long run, Kevin emphasized the importance of the upcoming monthly candlestick Closing Price. 'The next major target for DOGE is to close above $0.335 within 11 days. This will establish the highest monthly candlestick Closing Price in DOGE's history, and I will closely follow this,' he said.
(Data source: Jake Simmons)