In a recent tweet, financial analyst Ali highlighted that Dogecoin is on the verge of a significant market move, approaching the apex of a multi-year descending triangle formation.
According to Ali, a weekly candlestick close above $0.0835 could potentially initiate a new bullish trend for Dogecoin, with a target set at $1. However, he cautions that monitoring the $0.0482 support is crucial, as any signs of weakness around this level might lead to a new yearly low.
As of the latest update, the coin is trading 1.18% higher, with a current price of $0.058 and a market cap of $8.28 billion. The recent overselling of DOGE in the past few months is noted, and analysts suggest that this could position the cryptocurrency for a strong comeback, potentially leading to a robust finish for the year.
Dogecoin Price Prediction
Looking at the recent price action, Dogecoin witnessed a positive turn in today’s session, breaking a streak of losses. The DOGE reached a peak of $0.05873, rebounding from the previous day’s low of $0.05747. Bulls defended the $0.0580 support level, and attention is now on the resistance at $0.0595 as the next potential target.
The relative strength index (RSI) on the chart also rebounded from a low of 31.00, currently standing at 33.20. Traders are eyeing the next level at 35.00, which appears to be an interim ceiling for the RSI.
Regarding price predictions, according to coincodex, Dogecoin is anticipated to experience a 0.22% rise, reaching $0.058663 by October 18, 2023. The sentiment is bearish, with the Fear & Greed Index at 47 (Neutral). Over the last 30 days, Dogecoin has seen 14 out of 30 (47%) green days, with a 2.05% price volatility.
On the other hand, pricepredictions.com presents a bearish outlook for Dogecoin in the long term, predicting a decrease of $0.00137 over the next 7 days, reaching $0.05733 by October 21, 2023.
In the short term, their machine learning algorithm indicates a neutral trend, suggesting a slight increase with a possibility of a slight decrease in the coming hours. Investors are advised to stay vigilant as the cryptocurrency market continues to evolve.
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