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Price Analysis

Dogecoin (DOGE) Price Analysis: Will Doge Decline Further before Rising to its Previous High?

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Dogecoin (DOGE) a crypt coin basically focussed at the payment and settlement in the online content creation sector. It is backed by the blockchain technology. Dogecoin (DOGE) has been successfully replacing conventional payment systems with respect to content dealing on Twitter and Reddit. The logo, “Doge” is a popular internet meme of a Shiba Inu dog. It was forked out of Litecoin in 2013. The aim of the coin at the time of creation was to give a substitute of Bitcoin to the market.

Current Statistics-

Dogecoin

  • It is the 26th largest crypto coin in the market.
  • The ROI (Return on Investment) of Dogecoin stands at 394.50 %.
  • The current number of coins in circulation is 119,183,347,534 DOGE.
  • The market cap as on 22nd April at 02:04 UTC stands at 329,171,441 USD.
  • The value of each coin in terms of USD and BTC stands at 0.002762 USD and 0.00000052 BTC.
  • The 24 h volume at the same UTC is 37,428,932 USD.

Comparison-

Dogecoin (DOGE) is one of the few crypto coins to have grown stably throughout the year until now. It started at a low point at 0.0023 USD. The decline rate was minuscule. But, along with the market Dogecoin (DOGE) gained 100 % in just 4 days after April 1st growth. However, the momentum could not be sustained. It started to fall soon after the boom. And currently, the value is hovering around 0.0027 USD. The market cap as on 22nd March was 243,554,187 USD. And the value of each coin in terms of USD and BTC were 0.002051 USD and 0.00000051 BTC. The current market cap is 35.15 % more than the market cap of 22nd March. The value of each coin has gained by 34.66 % in the last 30 days.

Prediction-

The coin’s value has got into instability since the last week. We predict the value should go down further. It may reach as low as 0.0020 USD in the coming two weeks. But this degradation will not be there for a longer time. With resistance at 0.0035 USD, the coin will move forward soon. By the end of this quarter, Dogecoin (DOGE) should be at 0.0045 USD to 0.0055 USD. By the end of 2019, it should be somewhere at 0.009 USD.

Conclusion-

We advise the potential investors to wait for some more days to see the value near 0.0020 USD before making a buy. The short term investors would be profited by huge in just 3 weeks of time. Long term, as well as the medium-term outlook, is bullish.

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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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