- If the price of DOGE supports the bears, it may decrease by 28%.
- A reduction in price volatility may result in a rise in the price of DOGE.
There is chaos and negativity in the crypto market, as Bitcoin drops below $60488, and most major altcoins are trading in the red. The price of Ethereum, ADA, XRP, and DOT have all fallen by 2–4 percent, but BNB and SOL have remained stable in the green.
The price of Dogecoin, the original meme currency, is now trading at $0.2549, with a little downward bias. A reduction in price volatility may result in a rise in the price of DOGE. The symmetrical triangle forecasts that Dogecoin will rise by 29 percent, reaching $0.34 per coin.
Bulls and Bears Cancelling Each Other
It’s an asymmetrical triangle on the four-hour chart, meaning the bulls and bears are cancelling each other out. With market volatility decreasing, a breakout in either direction is possible in the next sessions.
The flattening of the moving averages and the RSI indicator’s position at 45.2, near the middle line, confirm this view. There is a potential that DOGE may continue to rise to $0.34, a 28 percent gain. If the price of DOGE supports the bears, it may decrease by 28% to $0.18. Before reaching this bearish target, Dogecoin may find support at the 200-day SMA at $0.2524.
Between October 5 and 25, the Dogecoin price consolidated between $0.24 and $0.28. On October 26, DOGE dipped to below $0.21 before rising to stabilize over $0.235. According to CoinMarketCap, the Dogecoin price today is $0.256961 USD with a 24-hour trading volume of $1,359,776,912 USD.
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