Dogecoin Worth Prediction: Calm Earlier than The Storm As Volatility Decreases – InvestingCube
Dogecoin price is in a tight range as the volatility of the cryptocurrency has decreased. The DOGE is trading at $ 0.3747, where it has been for the past few days. It’s also 15% below last week’s high, while its market cap is more than $ 48 billion. It is the sixth largest cryptocurrency in the world and lies between Cardano and Ripple.
What happened: DOGE price rose last week after Coinbase announced it would add the coin to its Coinbase Pro platform. This was important news for the coin as Coinbase Pro is one of the largest platforms used by American institutional investors.
Hence, traders predicted greater demand for the coin. The coin also jumped as activity in the meme stock sector remained volatile. For example, after AMC stock rose more than 100%, it fell after the company announced a plan to sell shares. This week, Dogecoin is also being influenced by the performance of these meme stocks. Perhaps GameStop is the Meme stock that will be reporting on its profits later this week.
Dogecoin price prediction
If we turn to the four-hour chart, we see that the Dogecoin price has barely moved in the past few sessions. The coin is trading at the same level as the 25-day moving average (MA). The Relative Volatility Index (RVI) and Average True Range (ATR), which are important indicators of volatility, have also fallen.
In addition, the coin appears to be forming a triangle pattern. All of these are signs that the coin may calm down ahead of the storm situation, which means it could soon experience increased volatility. At this point, the main support and resistance levels are at $ 0.3320 and $ 0.4200, respectively.
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DOGE price table
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