Shiba Inu and Dogecoin Price Prediction: Why the Flash Crash Isn’t a Catastrophe

In Brief

DOGE has created a double top pattern.

It is following a descending resistance line.

SHIB is trading inside support at $0.0000097.

The Dogecoin (DOGE) price has found support after completing a double top pattern. The Shiba Inu (SHIB) price is trying to hold above a crucial horizontal support level.

Dogecoin Price Prediction: Bullish Structure Still Intact

The technical analysis from the six-hour chart shows that the Dogecoin price has been decreasing since creating a double top pattern on Oct. 29 and Nov. 1 (red icons).

The double top is considered a bearish pattern and often leads to a price decrease. Moreover, the pattern was combined with a bearish divergence in the RSI (green line). The downward movement led to a low of $0.077 on Nov. 8.