Dogecoin (DOGE) Price is trading in the confines of a small range since a few breaks occurred on both sides as well as the down side The body of the candle's range between the open and close shrinks as the days progress. Risk is a consolidation pattern on the weekly level and could witness a breakout to the downside due to. This means that every break in the direction of the upside is an easy bull trap that will cause more pain during pullbacks of those bulls.

DOGE price to provide more pain to the downside

The price of Dogecoin has been playing a risky game traders, as several breakouts over the last couple of weeks create the impression that there is more upside available. The reality is contrary, as the weekly closes and opens show little difference the two, regardless of whether the week ended in an increase or decrease during the week. This indicates the possibility of a breakout and consolidation in the near future, and the close of the week will reveal the story.

DOGE price is rather like it could break down the other side, and then rebounding to $0.050 as it pushes through the bottom in the bearish triangle which has been formed over the past couple of weeks. With a healthy respect this week in comparison to the 55 day Simple Moving Average and the declining trend line of this triangle, a close for the week below is a good indicator of the possibility of a breakout in the coming week, should it not happen during the weekend. The Sunday close will therefore be crucial in determining whether the closing will occur inside the triangular area or beneath the bottom.

As I mentioned earlier, one scenario remains to be considered the possibility of a weekly closing over the red trend line the triangle and above the 55-day SMA. The close on Sunday night will see a change in the Asian session on Monday, and could see a rise in the coming week, towards $0.0900. Based on the market conditions and if they can be able to move away from bear market and create favorable conditions for cryptos over the next few weeks.

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