Dogecoin formed an outside bar candlestick pattern on 12/2, indicating a tense battle between the bulls and the bears.
Daily DOGE/USDT chart | Source: TradingView
The uptrend may face selling pressure at the resistance line of the channel. If the price drops from the resistance line, this will indicate that the DOGE/USDT pair may continue to fluctuate within the channel for some more time.
Breaking and closing below the channel will imply profit-taking action from short-term traders, pulling the price down to $0.33 and then to $0.30. Conversely, if it breaks out and closes above the channel, the price may pave the way for a rise to $0.59.