Dogecoin’s Price Jump Explained
Dogecoin’s (DOGE) price has broken the past barrier of $0.25 level, as cryptocurrencies surged after bitcoin’s (BTC) new high on October 20.
Some traders are now predicting a price recovery for the currency, which recently fell below its record high.
What is the value of Dogecoin? Well, what do the most recent dogecoin forecasts imply about the coin’s future trajectory and price?
We’ll examine the cryptocurrency’s recent performance & where some forecasters believe it may go next in this piece.
Dogecoin’s Price Has Risen From Its July Lows
DOGE, the dog-themed cryptocurrency that was founded as a parody on the cryptocurrency industry, has exploded in popularity this year, thanks to its success on social media and the spawning of a slew of new dog-themed currencies. It hit an all-time high of $0.7376 to the US dollar on 8 May, a rise of 15,653% from the beginning of the year. The price swiftly plunged as a result of a “sell the news” reaction to Elon Musk’s appearance on the US television program Saturday Night Live, during which he referred to cryptocurrency as a “hustle,” despite his earlier promotion of it.
The DOGE price fell further as the larger cryptocurrency markets sold down, reaching a low of $0.1607 on 20 July.
The cryptocurrency markets started to slow down out on 20 July, owing in part to a price correction on bitcoin & bullish sentiment following comments made by Twitter (TWTR) & Square (SQ) co-founders Jack Dorsey and Cathie Wood of ARK Invest, as well as Musk, during a discussion at B Word conference about how institutions could adopt cryptocurrency.
Market analysts and investors like Mark Cuban have remarked that in addition to investing in dogecoin, investors use it more often than other online currencies to pay for products and services. Cuban is the owner of the Dallas Mavericks basketball club, which accepts dogecoin and numerous other cryptocurrencies for ticket and product purchases.
Dogecoin is now accepted by another 26 companies, increasing the total to 1,911 — the list includes stores, Internet services, hotels, and gaming platforms, per the Cryptowerk.
https://twitter.com/AntonioTheMexi/status/1450531815589023751?s=20
Musk chimed in again on DOGE in September, saying that the coin’s fees should be reduced to make it feasible for modest transactions.
He conducted a Twitter poll earlier this year to determine if Tesla (TSLA) could accept DOGE as payment for its electric automobiles. The firm launched and then discontinued bitcoin payments in response to worries about bitcoin mining’s energy use.
In recent dogecoin news, movie theatre chain AMC (AMC) began taking DOGE and other online currencies for payment for digitized gift cards because it prepares to embrace cryptocurrency for online ticket revenue.
On 16 August, the DOGE price increased to $0.3510, before falling to $0.1945–26 September, as cryptocurrency values fell in late September.
As bitcoin prices have surged this month in reaction to the introduction of the first bitcoins ETF (ProShares Bitcoin Strategies ETF), DOGE has recovered to trade at the $0.25 mark, having reached an intra-day peak of $0.2714 on 18 October.
Musk provided further encouragement for the emergence of Shuba Inu dog-themed online currencies on 4 October when he posted a snap of his puppy riding in a Tesla car.
What is the forecast for dogecoin’s value, given the possibility of more rises from cryptocurrencies?
Predictions For Dogecoin’s Price: Will The Currency Reclaim Its Prior Highs?
At the time of writing (23 October), CoinCodex’s short-term dogecoin financial forecasting was optimistic, with the DOGE/USD exchange rate hovering around $0.25. There have been 25 indicators that gave bullish signs and five that gave negative ones. Support was located between $0.2442 and $0.2265, while resistance was located between $0.2619 and $0.2797.
On 26 October, CoinCodex forecasted that DOGE will trade at $0.2509.
Longer-term estimates indicate that the coin may need many years to exceed its previous high of $0.74 & reach the $1 mark.
Wallet Investor forecasts that dogecoin (DOGE/USD) would average $0.2860 even by the start of Dec, then rise to $0.5310 by 2022 and more than quadruple to $1.2650 by the conclusion of 2025.
According to historical statistics, DigitalCoin projects that the DOGE price will average $0.4601 in 2022, $0.7448 in 2025, and $1.16 in 2028.
Meanwhile, Price Indicators predicts that the median dogecoin price will be $0.40 in 2022, $1.24 in 2025, and $7.44 in 2030.
It’s important to remember that cryptocurrencies remain incredibly unpredictable, making it impossible to anticipate the price of a coin precisely in a few hours, & much more difficult to provide long-term projections. As such, experts may and do make incorrect forecasts.
Before making any investment choice, we urge that you do your research and evaluate the latest market trends, technical, news & fundamental analysis, and expert opinion. Additionally, you should never invest more money than you can afford to lose.
