- More likely to reach the immediate resistance levels at $0.33.
- The bulls are anticipated to enter quickly to avoid additional losses.
While the crypto market seems to be reversing its downward trend, bears tend to be persistent. So the Dogecoin price is only able to swing 4% to breach the boundaries. With an initial goal of $0.5, the potential of a significant rise remains.
Like Shiba Inu, the DOGE price seems to remain static. However, the pricing shows a few potential rally scenarios. Firstly, the price may crash to local support around $0.1989 and then rally massively following accumulation.
Otherwise, the price will continue to consolidate. Many layers above the local support. On the other hand, it is more likely to reach the immediate resistance levels at $0.33. If neither scenario occurs, the asset may ultimately fall towards the strong support levels around $0.1589. Many may rush in to get the asset at a reduced price, perhaps for the final time.
Eventually, Break the Downtrend
The hourly chart is bullish and about to slash through the ascending triangle. The breakout occurs when significant trade volume is influx to increase buying pressure. However, the RSI seems to have fallen into bearish divergence. MACD also shows no clear bullish trend but shows considerable buying pressure.
The price of Dogecoin (DOGE) may eventually break the downtrend. However, the bulls are anticipated to enter quickly to avoid additional losses and recover lost positions. It may reach $0.5 by the end of October 2021, according to Watcher.Guru, a popular analyst.
According to CoinMarketCap, the Dogecoin price today is $0.252972 USD with a 24-hour trading volume of $1,607,426,914 USD.