The trend of the broader crypto market has been volatile and mostly bearish as Bitcoin plunges and hovers around $60488 and most top alts are trading in the red. While ETH, ADA, XRP and DOT are trading down by 2 to 4%, BNB and SOL are resilient as they trade in the green.
Dogecoin Price Action
As for the OG meme coin, within the limits of a symmetrical triangle, the Dogecoin price is trading at $0.2549 with a bearish tendency. As price volatility lessens, DOGE might make a huge move to the upside. The calculated target of the symmetrical triangle shows that Dogecoin might rise by 29% to $0.34.
On the four-hour chart, the Dogecoin price has formed a symmetrical triangle formation, indicating that the bulls and bears are cancelling each other out. The horizontal price action suggests that price volatility is reducing, implying that a breakout in either direction is conceivable in the next sessions.
The flattening of the moving averages, as well as the position of the Relative Strength Index (RSI) indicator at 45.2, near to the middle line, support this theory.
If the price of Dogecoin favours the bulls and breaks out above the resistance line, the chances of DOGE continuing upwards to the 28% upswing to $0.34 will be increased.
On the Flipside
On the other hand, if the price of DOGE favours the bears, it might fall by 28% to $0.18. Dogecoin may find support around the $0.2524 level, which is hugged by the 200-day SMA, before hitting this bearish goal.
Between October 5 and October 25, the Dogecoin price had been consolidating between the $0.24 and $0.28 psychological levels. DOGE fell to lows of roughly $0.21 during the market-wide decline on October 26 before recovering to consolidate above $0.235.