Price Analysis

Dogecoin (DOGE) Price Analysis : The Future of Dogecoin Looks Very Bright

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Dogecoin (DOGE) eventually was found as an approachable alternative to Bitcoin. Breaking the seriousness that encircles the crypto sphere, Billy Markkus, and Jackson Palmer thought of taking a concept from the famous comic character, Shiba Inu Dog. This is how we can see our most friendly mascot on Doge Coins. Although it incepted as a joke, it caused a great stir in the social communities, and in no time it made a remarkable position in the cryptocurrency arena. It was launched in 2013, and since then, in spite of being in a highly volatile market, it had never failed to ignite hopes from its investors. Its followers are ever increasing, and its vibrant community is one of the significant contributors of its massive followers.

Current status of DOGE

At present, DOGE is getting traded at USD 0.001958 (UTC time 09:23). It is the 27th largest cryptocurrency in with a market cap worth of USD 232,185,875. It has a circulating supply of 118,598,724,372 DOGE. Its present trading value has been reduced by -1.69% than it’s yesterday’s trading value.

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Price analysis of DOGE on the basis of Dogecoin charts

Dogecoin

The above chart shows that at present DOGE is getting traded at 0.001960 USD or 0.00000050 BTC (UTC time 09:25). Its present market cap has a trading value worth of 232,407,377 USD with 24h volume worth of 37,624,914 USD.  The same chart shows that nearly one month earlier, DOGE was trading at 0.001921 USD. So, the value of DOGE has been on a bullish trend by 2.03% in this one month. Its earlier price point of 0.001894 USD has provided a good support resistance in its price hike.

Future price predictions of Dogecoin

According to the Wall Investor, DOGE can be considered as a very investment for long term basis. They have predicted that with a five-year investment, one’s revenue can be around +138.42%. The crypto analysts said that there are many strong reasons which make it evident enough that future of this altcoin is really bright. With the increase in its number of users, its value will increase, and its availability will also get impacted positively. It has that novelty value that inspires investors to splurge on it. It is an established coin today for its remarkable performances and great community support.

A group of crypto analysts has forecasted that if one invests $1000 on DOGE today, then, in 24 hours, the pricing of his investment can be $987, in 7 days, it can be around $994, in 1 month, it can be approx. $777 and in 3 months it can be around $650. From the optimistic point, DOGE can be around $0.0121 after five years from now. As per the technical analysts, it will definitely experience price fluctuations but, volatility will not impact this coin to a major extent. Hence, it is assumed that for a long term basis, DOGE can be a good investment.

Final words

Dogecoin has earlier also proved its efficacy when it regained its value successively after extensive losses in the past year. This further inspired investors to invest in this crypto. Moreover, its future prices are forecasted to be on the higher side with promises of good returns. So, it’s worth to invest in this crypto for long term basis.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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