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.
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