Dogecoin price action is starting to fall in favor of the bears after bulls got rejected on any further price gains on October 6 at $0.29. As the pennant begins to consolidate, some bearish pattern signs start to form and spell grim perspectives for the bulls. A break of the green ascending trend line channel could open up losses toward $0.19.

Dogecoin price action is stuck in a wide-ranging pennant

DOGE price action has been in a bull run with a peak on October 6, where bulls failed to break above the price of $0.29 and the monthly R1. That rejection saw quite a lot of profit-taking in long positions and made price action in Dogecoin fade to the downside. Although technically still in a short-term price uptrend, the longer-term downtrend looks to become a reality again for the bulls.

Dogecoin price rejection of $0.29,  where bulls got a very abrupt stop to the upside on October 7, made bears stream in to start taking out bulls in DOGE price action. 

The support level around $0.26 not only held historical importance, but with both the 55-day and 200-day Simple Moving Averages working as a resistance level, bulls faced a threesome of refusals on their attempt to retest price of $0.29. To make matters even worse, the 55-day broke below the 200-day Simple Moving Average and could be the start of a Death Cross, which bears love to use as a reason to go, short DOGE.

With bears clearly in control in Dogecoin price action, expect a retest of the green ascending trend line channel in the coming days. A break below would first meet the support level at $0.19, going back to September 21, with a double floor and the S1 support level from September. A leg lower would make bears target $0.16 level, with the low from July 20 and the S1 support level as profit-taking points. 

In case bulls can take the upper hand in Dogecoin price with the help of some favorable tailwinds, expect a break back above the price of $0.26, followed by a retest of support level on that same level before bulls then charge in full force to break out the red descending trend line channel and target $0.29 for the retest of a double-top formation.

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