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Price Analysis

Dogecoin (DOGE) Price Analysis: Dogecoin’s Coinbase Listing To Bring Bullish Trend on Medium-Term

MD- Dogecoin has been added on Coinbase wallet, and its association with Trippki will bring a Bullish Medium-term market. Target value rests at $0.005.

  • Dogecoin’s listing on Coinbase wallet and association with Trippki to have a bullish effect on the market.
  • The long term value target should be at $0.0050.

Recently Coinbase announced that they had added the payment option of Dogecoin (DOGE) in its user-controlled and non-custodial wallet app. The wallet app is available on both Android and iOS. Coinbase claims that the holding in the wallet is more secure than the holdings on Coinbase.com. In the wallet, the private keys are stored directly in the device. Recently Dogecoin (DOGE) also has tied up with Trippki – a hotel booking site. These positive developments in the market of Dogecoin will have a short term and medium term bearing on the coin. On the medium term, Dogecoin price is predicted to reach as high as 0.005 USD.

Current Statistics-

dogecoin chart

  • Dogecoin (DOGE) is ranked at 29th in the current global crypto market.
  • The ROI (Return on Investment) of this coin stands at 353.38%.
  • A total of 119,447,737,146 DOGE coins are in current circulation.
  • The market cap of Dogecoin as on 11th May at 01:34 UTC stands at 301,560,809 USD.
  • The each Dogecoin value at 0.002525 USD and 0.00000039 BTC.
  • The current 24h volume at the same UTC stands at 32,177,730 USD.

Comparison-

Dogecoin (DOGE) started the year with a very low value on the aftermath of crypto winter. The value further fell to 0.0018 USD by the 1st week of February, and it started showing strong signs of growth since then. However, the major uptrend was achieved after the 1st April market boom, when DOGE gained almost 80% over 4 days. From there the value is under price correction pressure. The market cap on 11th April was 356,114,858 USD, and the value of each coin was 0.002992 USD and 0.00000056 BTC. The current market cap is 15.31% less than the market cap of last month.

Prediction-

Looking at the recent positive developments in the Dogecoin’s sphere, we predict a bullish medium-term outlook but a bearish short term outlook. The value of each Dogecoin price may fall to 0.0020 USD level, and from there it will start rising again. The next three resistances in the growth path should stand at $0.00400, $0.004500, $0.005000. The support levels at the medium term will be at $0.00250, $0.00200, $0.00150.

Conclusion-

The bearish short term trend leaves no place for buying more coins. The existing holdings should be profitable if kept until the 2nd quarter of 2020.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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