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Cryptogambling / Dogecoin’s Price Volatility Under Spotlight Amid Current Market Conditions

Dogecoin’s Price Volatility Under Spotlight Amid Current Market Conditions

Publish Date: 06/02/2024
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The cryptocurrency market continues to exhibit a sense of calm, with major digital coins recording minimal price fluctuations on their daily charts.

However, beneath this seemingly calm surface, the meme coin Dogecoin (DOGE) is gearing up for potential intense price swings.

Signs of Increasing Price Volatility in Dogecoin

The Bollinger Bands on Dogecoin’s 4-hour price chart, as observed by well-known crypto experts, have seen their smallest expansion since October 2023.

This phenomenon indicates a significant energy buildup in the price action, which can lead to substantial price movements when the bands widen again.

Each Bollinger Band is determined by taking the mean price over a specified time frame and adding or subtracting a particular number of standard deviations.

Based on standard deviation, the bands expand or contract to accommodate shifts in market volatility.

The breakout from these bands could lead to heightened market activity for DOGE.

Network Activity and New Addresses

Despite the looming volatility, Dogecoin remains a source of intrigue for many investors due to its parabolic rise in network activity and the influx of new addresses.

Over 890,000 new Dogecoin addresses have been created over the last week, according to recent data, which corresponds to an astounding 86% adoption rate for the meme coin.

The arrival of these new users could fuel potential price increases once the broader market recovers from its current slump.

Moreover, notable developments such as the upcoming Doom video game release and the anticipated launch of DOGE-1 continue to generate buzz around Dogecoin.

Market Analysis Pointing Towards Upside Potential

The daily chart reveals that Dogecoin’s trading volume has been declining but shows an increasing Relative Strength Index (RSI) divergence, which often signals a bullish surge trend.

Meanwhile, several cryptocurrency analysts have identified bullish chart patterns in Dogecoin’s price action.

For instance, analyst Crypto Patel believes that DOGE is poised for a $3 target during the current bull run based on its historical performance and parabolic growth rate.

Initially, he highlighted that DOGE delivered an impressive 268x return during the previous bull market. Subsequently, he pointed out that the present chart patterns indicate a potential 50x increase in the ongoing bull market.

However, the analyst set a conservative initial target of $1 for DOGE in this bull run, while emphasizing the importance of monitoring the breakout level at $0.11.

Ali Martinez, a well-known cryptocurrency analyst on social media, also recently posted a cautionary message on X, highlighting the potential for increased price fluctuations in Dogecoin.

Risks and Uncertainties Amidst Potential Rewards

It is important to note that potential extreme volatility carries risks, and investors should exercise caution when trading Dogecoin or any other cryptocurrency.

Furthermore, the meme coin’s heavy dependence on Elon Musk’s public endorsements adds another layer of uncertainty to its price action.

Nonetheless, for those willing to take calculated risks, the potential rewards could be substantial if Dogecoin experiences a significant upward price swing in response to increasing network activity and the broader market recovery.

At press time, Dogecoin was trading at around $0.07849, showing slow declines but still maintaining a market cap of approximately $11.22 billion.

Wrapping Up

Dogecoin’s price movements are under observation in the crypto community due to potential volatility.

While risks remain, potential rewards could be substantial for those willing to take calculated risks and capitalize on the anticipated market movements. Investors should exercise caution and closely monitor Dogecoin’s price action as well as broader market conditions before making any trading decisions.

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