The month of November is one in which cryptocurrencies have historically done well. As the month just started, you may be wondering which cryptocurrency to invest in and how to decide. With our cryptocurrency price prediction and analysis, we help investors make the best choices. This time, we are looking at price prediction and analysis for Dogecoin (DOGE).
Dogecoin is a fun open-source digital currency created by Billy Markus and Jackson Palmer. Forked from Litecoin, it was created to reach potential crypto users outside of the technical cryptocurrency space using the Doge meme to appeal to them. One of the most memorable things about the token is that Tesla Founder and CEO, Elon Musk, has repeatedly tweeted his support for it and even became its CEO for a few hours. It is used primarily for tipping content creators on Twitter and Reddit.
DOGE is currently worth $0.002665, with a 3.98% gain in the last 24 hours. $39,757,243 worth of it have been traded in the last 24 hours, with a circulating supply of 126,990,316,954 DOGE and a market cap of $338,418,813, which makes it the 44th largest cryptocurrency in the market.
Dogecoin Price Prediction: Analysis
DOGE seems to have been in consolidation for the most part of the year. Since it hit the year high of $0.0046 on July 9, it has dipped to $0.002 and has been at that level up to today with no significant dip or surge. Looking at the daily chart for the cryptocurrency, there is a change to green candles, which may indicate that the market sentiment is starting to change, and buyers are stepping in. The Relative Strength Index (RSI) also confirms this, although it is still at 39%.
However, it is not certain if these green candles will be sustained to take the price to higher levels. At the moment, there is significant resistance to break before a continuation on the upside can become a reality. Both 20 and 50 MAs are still on top of the price, serving as resistances, which will require a number of attempts to break through.
The following are the support and resistance levels calculated by Walletinvestor, which can give an idea of where the price is and how it is likely to perform:
- Resistance Level (R3): 0.00262;
- Resistance Level (R2): 0.00259;
- Resistance Level (R1): 0.00256;
- Pivot Point: 0.00253;
- Support Level (S1): 0.00250;
- Support Level (S2): 0.00247;
- Support Level (S3): 0.00244.
There are no recent news reports about Dogecoin. However, some news outlets have reported that it is in a buy signal in line with the analysis above. It should be given some time to confirm the upward move before it can be reliably said. It will also be great if the 20 and 50 MAs can cross below the price level. This will create support that can keep the price on this level or push it upward going forward.
Dogecoin Price Prediction: Market Opinion for November 2020
The following are important Dogecoin price predictions you should take note of. These will help you to get a better picture of the market and make a better decision on whether or not to invest in DOGE in November.
Walletinvestor doesn’t expect DOGE to change much. They predict that the price will reach a maximum of $0.00270 and a minimum of $0.00251 in the next two weeks. Below is a table for the next two weeks:
|Date||Price||Min Price||Max Price|
Digitalcoinprice expects the price of DOGE to go as high as $0.00499376 in November, with a gain of 92.36%.
Provisionbitcoin predicts that DOGE will experience a great boost in its price and market capitalization. The expectation is hinged on the mass adoption of the cryptocurrency, which provisonbitcoin expects to grow.
In November 2020, cryptocurrencypriceprediction expects that DOGE will reach $0.0028.
Dogecoin Price Prediction: Verdict
This is the prediction for Dogecoin in the month of November 2020. Even if the price is not showing lots of adventure, this is a consolidation that usually precedes a break on the upward or downward side. The predictions indicate the possibility of an upward break, so DOGE may be a good investment in the future. You should, however, do more research to be sure it is the best decision to take at this time.