Dogecoin and Token: Let us dig deeper
Dogecoin is a meme coin that uses the same technology like Bitcoin and Litecoin. It is a peer-to-peer payment coin that eliminates some of the challenges that Bitcoin has. For example, it is a bit faster and less expensive than BTC.
Dogecoin was launched in 2013, and for years, it remained behind the scenes. It became popular in 2021 when Elon Musk started talking about it. At the time, it became one of the most popular cryptocurrencies in the world.
At the time of writing, DOGE has a market capitalization of $18 billion, making it the 11th biggest coin in the world. At its peak, it had a value of almost $40 billion. Dogecoin has a circulating supply of over 132 billion coins. In 2022, Dogecoin’s price has dropped by about 20% as fears of a hawkish Federal Reserve spread.
Dogecoin (DOGE) Price History & Technical Analysis
Dogecoin started a major rally in March 2020 after the Federal Reserve lowered interest rates and announced an open-ended quantitative easing (QE) policy. At the time, DOGE was trading at $0.0012.
The rally accelerated in the first quarter of 2021 after Elon Musk “endorsed” the coin. It reached an all-time high of $0.77 in May 2021. That means that it rose by more than 66,000% between March 2020 and May last year.
Looking at the daily chart, we see that the Dogecoin price has been in a bearish trend since May last year. As a result, the pair has moved to the 25-day and 50-day Moving Averages (MA). A closer look shows that it has been forming a falling wedge pattern that is shown in green.
In price action, a falling wedge is usually a bullish sign. A bullish breakout usually happens when the two lines of the wedge pattern are nearing their convergence zone. Therefore, there is a likelihood that the coin will have a bullish breakout in the coming weeks or months.
Dogecoin (DOGE) Price Prediction for a Year
Fundamentally, there will be two key things to watch in 2022. The most important one will be the Fed, which is expected to deliver several rate hikes since inflation has remained stubbornly above the highest level in 40 years. The unemployment rate, on the other hand, has been moving in the right direction. Second, Dogecoin’s price will be affected by any regulatory changes.
As shown in the daily chart, the coin has formed a falling wedge pattern while the MACD remains at the neutral level. This could be a sign of the calm before the storm, meaning that the price will likely have a bullish breakout in 2022. If this happens, the next key level to watch will be at $0.5.
According to LongForecast, Dogecoin’s price will continue falling in 2022 and reach a low of $0.05, while Wallet Investor estimates that the coin will rise to $0.318.
Dogecoin Price Prediction for 2025
Dogecoin is a popular cryptocurrency, as evidenced by the number of people who hold it. Also, the fact that it is significantly cheaper than Bitcoin makes it more attractive to investors and users. Therefore, we can assume that its price will be much higher than where it is today in 2025.
According to CoinPricePredict, the average prediction is that the price will be at $1.1784 in 2025. The figure is got by doing an average of 19 predictions. Meanwhile, another estimate by Digital Coin Predict shows that Dogecoin will average about $0.29 in 2025.
Another way to estimate where Dogecoin will be trading is by using Bitcoin. Most Bitcoin bulls believe that the coin will be trading at more than $100,000 by 2025. That price is about 2.38x where it is currently trading at. Therefore, a conservative estimate where Dogecoin rises by two times means that it will be trading at around $0.28.
Dogecoin in Questions & Answers
Is Dogecoin Coin real?
Yes. DOGE is a real cryptocurrency. For one, Elon Musk, the wealthiest person in the world, has invested in it. Also, it has a market value of over $18 billion and real-world uses.
Will Dogecoin reach $1?
In the long-term, Dogecoin will likely get to $1 if more people continue using it. To get to $1, it needs to rise by about 650%, which is possible in the crypto industry.
Should I buy DOGE Coin?
We estimate that Dogecoin is set to bounce back in the coming months because it has formed a falling wedge pattern. So, we believe that it is a good buy.
How much will be Dogecoin be in five years?
In my estimation, Dogecoin will have a bullish breakout in the next five years. I won’t be surprised if it rallies to $1.
Where do I buy Polkadot?
You can buy Polkadot in some of the popular centralized platforms like Binance, Kraken, and Coinbase.
This article represents the views of the author. Cryptocurrencies are highly speculative assets, and the author will not be held liable for any losses.
