The Dogecoin (DOGE) cryptocurrency has been on an uptrend, where tweets from Tesla and SpaceX CEO Elon Musk inspired a change. He ended up endorsing the Dogecoin crypto for yet another time in a recent pose on the social media platform now known as X and formerly known as Twitter.
Musk said, "X is a dog & Doge friendly place!". The Dogecoin value increased as a result, and if bulls capitalize on this trend, Dogecoin's value can rise to new heights. The RSI is shifting upwards for Dogecoin and is signifying a solid momentum. In this article, we will discuss the future of the first meme coin and its price prediction.
Dogecoin is a meme coin with some exciting beginnings. It was created as a joke to satirize the explosion of all cryptocurrencies in the 2010s. The creators of Dogecoin didn't mean for this joke cryptocurrency to become so popular. However, it has gained a strong community and has become one of the most successful cryptocurrencies ever.
Dogecoin runs on a Proof-of-Work algorithm, just like Bitcoin. Anyone can mine Dogecoin, and you don't need sophisticated equipment. There are 130 billion DOGE in circulation, and 10k DOGE enters circulation every minute.
One of the most exciting aspects of Dogecoin is that, unlike most meme coins, it has its blockchain. Dogecoin is now considered one of the best cryptocurrencies.
As of the summer of 2023, Dogecoin's value has plummeted by approximately 90% from its record highs. The project has shown limited advancements, raising questions for investors regarding its future trajectory. Will Dogecoin recover, or is its status as a meme-based token leading it toward a less promising outcome?
Dogecoin price has found an anchor at the major support level of US$0.061, helping the price to stabilize. The Dogecoin price has managed to recover beyond the obstacle at US$0.0707, successfully converting it into a supportive base.
If historical trends repeat, the meme coin could be propelled by bullish momentum toward the next significant barrier at US$0.1060. However, the cryptocurrency must regain strength and surpass the intermediate obstacle at US$0.0814 to achieve this movement.
However, the DOGE Moving average indicators show that it is yet to break into a bull rally as its price is trading below the 50 weekly and 200 weekly simple moving Averages. If the price is to reach the US$0.10 hurdle, the bulls need to regroup and drive the price beyond the 50 and 200 weekly SMAs. If this does not occur, traders and investors should expect the price to swing to the support level at US$0.061, where they can regroup again to find momentum.
The Dogecoin price is hovering around US$0.065; a retest of the US$0.1060 hurdle would equate to a 50% gain. Should the bullish trend persist amidst heightened retail enthusiasm, DOGE might experience a further rally, potentially reaching the US$0.1590 hurdle or even US$0.1710, amounting to an impressive gain of nearly 140%. Conversely, a decline to the support level of US$0.061 might be inevitable, pending that the moving averages remain resilient.
(Monthly analysis)
(Past 24 hours analysis)
Dogecoin launched in 2013, and since then, it has followed a pretty similar price action to the rest of the market. It has been increasing with the broader market bull and bear cycles. However, in 2021, Dogecoin made the most significant price move, which brought it to the fore as a top cryptocurrency investment.
After Bitcoin halved in 2020, the cryptocurrency market rallied, and Dogecoin started gaining upside momentum. As the bull started gaining momentum, Elon Musk, who happens to be one of the most influential figures in cryptocurrency, started tweeting about Dogecoin, adding to its momentum relative to the broader market.
Dogecoin's total market cap is trading around US$11,520,330,919 and is now the 8th biggest digital currency in the world. The current supply is 139,097,276,384 DOGE, while the total circulating supply is 139,097,276,384.
The overall cryptocurrency market capitalization has marked a significant change this year, including the Dogecoin market cap. After the DOGE's price reached its ATH, it marked a massive fall in the long run; however, the current Dogecoin price movements have marked a decent recovery recently.
Next year is when the next Bitcoin halving takes place. As with all previous Bitcoin halving, this could mark the beginnings of the next cryptocurrency bull cycle. At this point, Dogecoin is also at much higher levels than at the beginning of 2023. The result is that Dogecoin could push past US$0.09. Our Dogecoin price prediction by the end of 2023-24 is US$0.1, but it can also fall back to US$0.051.
By 2025-26, many good things will happen in the cryptocurrency market. For instance, regulations are clear, which means there is confidence in the market, both at the retail and institutional levels, to be at their highest. Also, since the market tends to peak out one year after the Bitcoin halving, Dogecoin could see a surge in value in 2025-26 and test US$0.17.
After the correction of 2026, the market starts to recover in 2027, albeit with low volumes. Adoption will continue to grow, putting upside pressure on Dogecoin's price. Based on these factors, Dogecoin's price prediction 2027 is a consolidation between US$0.25 and US$0.30.
At this point, blockchain technology is widely adopted in every industry. Dogecoin is used all over the internet for everyday payments, as Bitcoin gains acceptance as a store of value. This market maturity could see Dogecoin hit US$0.5 to US$1 and push through in the years ahead.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.