Dogecoin price is trading at $0.2629 with a bearish bias, within the confines of a symmetrical triangle. DOGE may make a big move to the upside as the price volatility decreases. The measured target of the symmetrical triangle suggests that Dogecoin may make a 29% upswing to $0.34.
DOGE is trading in the red around $0.2628 after tanking to areas below the 100 four-hour Simple Moving Average (SMA) on Friday November 05. Dogecoin price had been consolidating between the $0.24 and the $0.28 psychological levels between October 05 and October 25. The market-wide correction that took place on October 26 saw DOGE slip to lows of around $0.21 before recovering to consolidate above $0.235.
What followed was a result of the ‘battle of the meme coin’s’ that saw the ‘DOGE Army’ react to the fact that SHIB had toppled Dogecoin from its position as the 8th largest cryptocurrency by market value. This saw DOGE rally as much as 50% to brush shoulders with $0.355.
Dogecoin Price Chart Pattern Aims For $0.34
Dogecoin price has spelt out a symmetrical triangle pattern on the four-hour chart, indicating that the bulls and the bears are cancelling out. The horizontal price action points to decreasing price volatility hinting at a possible breakout in either direction over the coming sessions. This is validated by the flattening of the moving averages and the Position of the Relative Strength Index (RSI) indicator at 45.2, close to the middle line.
The measured target of the symmetrical triangle is a 28% move either upwards or downwards.
Should Dogecoin price favour the bulls and break out above the upper trend line of the symmetrical triangle (resistance line), the odds of DOGE moving upwards to hit the 28% upswing to $0.34 will be increased.
DOGE/USD Four-Hour Chart
On the flipside, should DOGE price favour the bears, it could decline 28% plunging to $0.18. Before, Dogecoin hits this bearish target, the altcoin may find support around the $0.2524 level embraced by the 200-day SMA.
- Ethereum’s Buterin To Use Returned $100M From SHIB Donation For Covid Relief Projects Worldwide
- Shiba Inu (SHIB) Unfazed By Bitcoin Crash, Set To Launch Its Metaverse – ‘Shiberse’
- Hackers Siphon Off $80 Million in Cryptocurrency from Qubit DeFi platform
- Just-In: Bitcoin May Soon Be A Legal Tender in Arizona
- OpenSea Fixes Vulnerability, But Users Are Still Losing NFTs To Hackers
- Crypto Mining: Putin Says Russia Has a ‘Competitive Advantage’ – Wants to ‘Tax and Regulate,’ Not Ban It
- Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
- Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
- Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?