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Dogecoin Price Prediction 2021: Is Dogecoin a Good Investment?

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The cryptocurrency market has been in a bullish state this year, and Dogecoin is one of the top-performing assets. Due to the recent general market pullback, it has gone up to become the 6th largest cryptocurrency by market cap. The market cap is now $40,305,053,734, and $3,074,149,696 worth of the asset has been traded in the last 24 hours, with 129.79B DOGE in circulation. This Dogecoin price prediction will explore the state of the asset for the year 2021. We will try to answer different questions: Is Dogecoin a good investment? Should I invest in Dogecoin? Why is Dogecoin going up?

Dogecoin Price Prediction: Technical Analysis

Dogecoin has gone up thousands of percent in 2021 alone. This has mostly been fueled by Elon Musk’s support for the asset. Earlier this year, he posted several tweets that showed his support for DOGE, which could have made more investors interested in it.

While all top assets have lost their value, including Dogecoin, it still sustains strength that is making it to beat other assets that were bigger than it to become the 6th largest asset at the moment. So, why is Dogecoin going up relative to other assets? It seems that the huge price gain earlier in the year helps the asset during this general pullback across the market.

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This strength is still shown in the daily DOGE/USD chart. The moving averages, for instance, show that the price still sustains healthy upward potential, as the bullish trend has not been reversed based on this indicator.

The chart shows that the asset has been in a tight range recently with a slow descent. Dogecoin’s relative strength index (RSI) has dropped to 43, approaching the 30 level, which indicates an oversold condition. Ideally, this will send the price of the asset upward again as buyers are likely to step in. However, because of the lingering downtrend in the market, this may not happen immediately.

If you are one of the investors watching Dogecoin, you may be asking when will Dogecoin go up again? This will depend on a number of factors, including how long Bitcoin remains in a bear market.

Dogecoin Price Prediction: Market Opinions

So, is Dogecoin a good investment? The following are the opinions of some top websites on Dogecoin price prediction, which should help you answer the question for yourself.

Dogecoin Price Prediction for June

Longforecast

For June, Longforecast’s Dogecoin price prediction puts the price at $0.31 at the start of the month. This is expected to trend between $0.17 and $0.37 within the month. The closing price is set at $0.22 for the month.

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Month Open Low-High Close Mo,% Total,%
Jun 0.31 0.17-0.37 0.22 -29.0% -35.3%
Jul 0.22 0.22-0.28 0.26 18.2% -23.5%
Aug 0.26 0.26-0.30 0.28 7.7% -17.6%
Sep 0.28 0.28-0.34 0.32 14.3% -5.9%
Oct 0.32 0.32-0.40 0.37 15.6% 8.8%
Nov 0.37 0.37-0.46 0.43 16.2% 26.5%
Dec 0.43 0.43-0.54 0.50 16.3% 47.1%

Digitalcoinprice

Digitalcoinprice expects the price of Dogecoin to reach $0.52208821 in June. Their Dogecoin price prediction for the month is bullish at this average and will increase the value by 59.79%.

Previsionibitcoin

Previsionibitcoin is cautiously optimistic. Their Dogecoin price prediction is that the asset will reach an average of $0.417142 in June. This will be an increase from the current price, which means they expect the price to start growing again by June.

Dogecoin Price Forecast for the Rest of the Year

Tradingbeasts

Tradingbeasts is not so bullish about Dogecoin for the rest of 2021. According to their DOGE price prediction, the maximum price that DOGE is expected to reach for the rest of 2021 is $0.5485789 and that is in December. The minimum price is $0.3730337 for the last month of the year.

Month Minimum Price Maximum Price Average Price Change
June 2021  0.3501076  0.5148641  0.4118913 24.21 %
July 2021  0.3532001  0.5194119  0.4155296 25.30 %
August 2021  0.3566745  0.5245213  0.4196170 26.53 %
September 2021  0.3604309  0.5300454  0.4240363 27.87 %
October 2021  0.3643306  0.5357803  0.4286242 29.25 %
November 2021  0.3686268  0.5420983  0.4336786 30.77 %
December 2021  0.3730337  0.5485789  0.4388632 32.34 %

Gov.capital

Like Tradingbeasts, this website does not expect much from Dogecoin for the rest of the year. The DOGE price prediction sees the asset reaching a maximum of $0.397 towards the end of December 2021. The least price during this period will be $0.335.

Cryptoground

Cryptoground puts its DOGE price prediction at $0.4476 six months from June (end of the year). This will represent an increase of 44.63%, and is one of the most bullish predictions so far. The figure below shows other longer-term predictions as well.

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After Price Change
1 day $0.3433 10.92%
1 week $0.4298 38.87%
1 month $0.3556 14.89%
6 months $0.4476 44.63%
1 year $0.4746 53.34%

Cryptocurrency Experts and Influencers

Some analysts believe that Dogecoin has a brighter future than most think. A crypto technical analyst and Dogecoin fan, Matt Wallace, is positive that Dogecoin is already on its way to recovery.

Latest News and Happenings Concerning Dogecoin

Elon Musk has been the leading figure when it comes to Dogecoin, so most people expect him to have the highest Dogecoin holdings. However, recent events suggest this may not be true.

A large Dogecoin whale was unveiled recently, holding $10.94 billion worth of DOGE. All fingers started pointing towards Musk, but a Dogecoin developer, Patric Lodder says he couldn’t hold so much Dogecoin. According to Lodder, the probable owner of the wallet was a crypto exchange and not an individual.

The wallet address in question had accumulated over 35 million DOGE since 2019. This is nearly 30% of DOGE circulating supply, making it one of the single wallets with the largest amount of DOGE in the world.

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Meanwhile, Elon Musk says he hasn’t sold any of his Dogecoin and does not intend to do so in the near future. He recently declared a war between fiat and crypto and publicly declared that he was in support of the latter, and DOGE is one of the digital assets he is holding onto.

Musk is one example of billionaires who are firmly in support of Dogecoin. Mark Cuban is another who declared that he receives DOGE from ticket and merchandise sales for his NBA team, the Dallas Mavericks. With such billionaires standing behind the asset, will Dogecoin go up again faster or sooner than we expect?

Dogecoin Price Prediction: Verdict

From the price analysis, Dogecoin is still in a good position as an asset. However, looking at the Dogecoin price predictions, it is clear that analysts are losing confidence in the price bouncing back strongly anymore this year. As the price has crashed to almost an overbought level, buyers may step in again and start pushing the price up again if all goes well. On the question of why is Dogecoin going up, it may be because it has gained investors’ confidence, which may significantly enhance its future growth.

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Can Dogecoin and Other Memecoins Remain Bullish in the Crypto Market?

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  • Dogecoin and other Memecoins raise fear among investors.
  • Many question if they can stand the taste of time like BTC and ETH.
  • Shiba Inu, Dogecoin continues to soar.

Memecoins have come to become today’s alternative cryptocurrencies. Their rising popularity indicates a shift from it being a joke to a more serious investment. Thanks to the wider acceptance of Dogecoin (DOGE), other memecoins sprung up and have climbed the crypto ladder to compete with mainstream cryptocurrencies.

As of today, the total market capitalization of Dogecoin is $7 billion. Dogecoin set the precedent for other 150 meme-themed cryptos such as Shiba Inu (SHIB), Kishu Inu, Doge Killer (LEASH), and others. Just in 2021, Dogecoin amassed over 6,000% rise in price despite some critics warning against investing in the coin.

Even more, the value of Doge is expected to rise as the Dogecoin Foundation recently added a new board of directors. The directors will at long last help run the Doge projects and push its market value above the present $40 billion market cap. This comes after the foundation was dissolved in 2014.

Factors That May Hinder the Success of Memecoins

Many crypto analysts have refused to be moved by the fame of some of these coins due to some flaws. Firstly, Some of them pointed out that most of the memecoins do not have a solid business plan. As such, it is tricky to know which of the memecoins will succeed and earn the longevity of Dogecoin.

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Secondly, others asserted that memecoins do not have any core value. Therefore, it will be easy prey for crypto scammers. That means scammers can create new crypto, raise awareness for it, and then sell it for profit.

Thirdly, with the rising number of memecoins, it becomes hard for crypto exchanges to determine how many of the coins are scams. Thereupon, making many investors scared to invest.

Fourthly, another barrier is that most of the coins do not have a known leader. For instance, Shiba Inu, (SHIB)’s inventor is unknown which is rare for any crypto project, except the famous crypto —  Bitcoin.

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Finally, unlike mainstream cryptos such as Ethereum (ETH) which put their energy in blockchain development, run DeFi smart contracts, and solve problems, memecoins have no practical use.

What is so alluring about memecoins?

Despite the above-mentioned issues with memecoins, few of the coins keep soaring and even rising in price. At the time of writing, Dogecoin (DOGE) trades at the price of $0.2384. Moreover, Shiba Inu (SHIB) trades at $0.00002559.

In summary, Dogecoin (DOGE) and a few other memecoins captured the hearts of many and may continue to do so. So, the world is watching to see the direction these coins are going. Especially Dogecoin whose team announced it is setting a new foundation. Maybe, the new directors will help set values, and engage the coin into more use cases for crypto development. Thus, other memecoins will follow suit. 

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DOGE Price To Explode 1000x!! This Is When Dogecoin Price Will Hit $1!

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  • The total market cap of the crypto space is anticipating a $3 trillion milestone.
  • Dogecoin price manifests to break a crucial resistance to reach a new milestone.

The global crypto space is currently experiencing a decent uptrend momentum which can soon rekindle an altseason. On 16th October 2021, the total market cap of the space broke at a crucial resistance of $2.401 trillion reaching $2.50 trillion at the press time. While the altseason is on the horizon, meme coin DOGE is awaiting for the crucial breakout to explode by 1000x. 

Analyst Makes a Whooping Prediction for DOGE Price!

Popular crypto analyst Justin Bennett expressed that the meme coin has a proven record to explode massively after a breakout. Further, he stated, the DOGE price is on the verge of a breakout and could leg up by 500 to 1000x if it happens.

The chart shown by him indicates the formation of a Symmetrical triangle pattern. It seems to be retesting at an important resistance area of $0.25. The technical analyst went on to say that the coin has surged by 5 to 10X in its recent breakouts of a similar pattern. Hence, a similar trend may continue, and probably price could soar beyond 500x this time as the pattern is stronger than the previous, he added.

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DOGE Price Forms a Symmetrical Triangle Pattern!
The Doge price is trading at $0.2383 with 2.50% gains in the last 24 hours. The asset seems to be awaiting a crucial breakout. The significance of the bullish bid has lifted the price from the $0.1857 support level. Since the start of Q4, clearing the price compression, the meme coin has formed a symmetrical triangle pattern. If altcoin continues the pattern, it could gain massive profits in the upcoming bull cycle.

The DOGE price has the next important resistance between $0.3 to $0.35, if it breaks above $0.4 crucial resistance then it is expected to hit new ATH. On the contrary, bearish clouds could pull back the price level to the major support of $0.1652.

However, Crypto maniac, the popular crypto analyst. He indicated via a chart that the meme coin could soon break out the harmonic pattern to reach new highs. Collectively, if the asset gets any supporting momentum for the price action, then it could soar beyond expectations.

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Mark Cuban Defends Dogecoin Against Bitcoin Maximalists

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Billionaire Mark Cuban says that he likes Dogecoin because it’s a fun and cheap way of learning about crypto.

During a recent live audio conversation on Twitter Spaces, billionaire Mark Cuban said that he would continue talking about Dogecoin despite facing pushback from Bitcoin maximalists.  

Cuban says that Dogecoin is “a great introduction” to the cryptocurrency space.

The “Shark Tank” host also believes that the meme cryptocurrency is a cheap way of learning about crypto.    

Cuban explains that there is a low barrier to entry since one only has to open an account with Robinhood and buy $25 worth of DOGE.
    
Now that Robinhood is rolling out its own wallets, Cuban says that Dogecoiners will be also able to easily spend their favorite meme coin at merchants of the likes of AMC.    
Finally, Cuban has once again praised the Dogecoin community for its frivolousness:

I think it’s a fun community to be part of.

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Cuban’s meager Dogecoin holdings

Despite being a strong Dogecoin advocate, Cuban himself owns only $1,500 in the meme coin.

After the billionaire had his commitment questioned by podcaster Preston Pysh, he urged the former to disclose his own position in Bitcoin to prove that he’s not a poser.

Cuban himself described Bitcoin as the superior store of value, but he doesn’t believe that it will succeed in the realm of payments (unlike Dogecoin).  

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“Vitalik will figure it out”

Speaking of Ethereum, Cuban says that he’s not arguing that there is a risk linked to Ethereum’s switch to proof-of-stake through the “difficulty bomb” mechanism.

However, he believes that co-founder Vitalik Buterin will be able to figure things out:  

I’m guessing that Vitalik will figure it out.

If Ethereum “screws the pooch,” Cuban expects other chains to take its place.

As reported by U.Today, Buterin also joined the advisory board of the recently re-established Dogecoin Foundation.

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