Dogecoin: Will it continue to rise?
Dogecoin, also known as “DOGE,” is one of the leading cryptocurrencies on the market. After losing more than 45% of its value in 2022, many believe that Dogecoin may resume its upward trajectory in the near future.¹ In this article, we will review analysis and predictions about the future of Dogecoin.
The basics
Dogecoin is a decentralized digital currency that was launched in December 2013 as a joke currency on Reddit. However, the cryptocurrency quickly gained popularity and was used for online tipping and charities. Elon Musk’s support is considered one of the main factors that contributed to the currency’s popularity.
Short-term forecasts
According to Wallet investor, the Dogecoin price is expected to drop to an average price of $0.00873 by the end of December 2023. However, Price Prediction expects the average price of Dogecoin to rise to $0.14 by the end of 2023.
Long-term outlook
There are signs that the cryptocurrency market is entering a new era. The Dogecoin price against the dollar is expected to reach $0.38 or more by the end of 2025. While some forecasts indicate that the Dogecoin price may drop to $0.004 by the end of 2025.
Technical analysis
There is a bearish divergence on the RSI, in the short term, corresponding to the 0.382 Fibonacci retracement. The first major resistance is at $0.10. In case of a breakdown, the next support area could be at the $0.087 - $0.091 levels.
Conclusion
The future of Dogecoin looks bright, with Elon Musk’s backing and growth forecasts in the coming years. However, we must keep in mind that analysts’ predictions may be incorrect, and research and analysis should always be done before making any investment decisions.