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Despite the volatile nature of the cryptocurrency market, which has been under bearish pressure throughout 2022, Dogecoin (DOGE) investors remain optimistic and believe that October will be a positive period for the meme token.
The crypto community CoinMarketCap expects the token to trade at an average of $0.06748 by the end of October 2022. This forecast is based on the opinions of 1043 community users who predicted the future value of the cryptocurrency using the Price Prediction feature.
So, the estimated price of Dogecoin on October 31st indicates an increase of $0.00716 or 11.87%% compared to the current value of the DeFi asset.
Average settlement price of Dogecoin on October 31st. Source: CoinMarketCap
As for the forecast for the end of November, based on 459 user votes registered at the moment, the price of the token is expected to rise slightly to $0.0678, which is $0.00747 (+12.38%) more than the current price.
Dogecoin is currently trading at $0.061 with a 2% daily gain and the same negative weekly performance.
Meanwhile, the market value of DOGE has declined by 30% since August. The bulls failed to provoke a rise that would last more than a few hours.
There is now a strong possibility that breakout traders will be cornered and a significant drop to $0.053 could be on the horizon, especially if the bulls fail to hold support above $0.06.
A crypto trader under the alias Altcoin Sherpa recently stated that the price of DOGE is close to its range of lows, and that it would be unwise to buy the meme token at the current speculative price.
Dogecoin low range chart. Source: Altcoin Sherpa
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