Dogecoin Price Prediction – DOGE Gains Bearish Outlook!
Dogecoin Price Prediction: The continued drop in the crypto markets is making it hard for the price of Dogecoin (DOGE) to go up. Bitcoin, the most popular cryptocurrency, is having trouble getting above the $26,000 mark.
There are more people trying to sell bitcoins and meme coins in particular. As of press time on Monday, the DOGE coin is selling at $0.061, which is down 0.49%.
How the prices of altcoins move depends on how strong or weak Bitcoin is. As BTC’s price stays in a very narrow band, investors in other cryptocurrencies have become more cautious.
Because the US dollar is getting stronger, many experts are calling for digital assets to fall even more. But the basics don’t mean much when it comes to meme coins like Dogecoin.
DOGE X (Twitter) Integration Soon?
In August 2023, the price of DOGE rose sharply as rumors spread that it would be added to the social media site X (Twitter). During the same month, it was also made public that Elon Musk’s business got a license for digital assets, which added to the rumors.
The biggest memecoin, however, lost most of its gains because Bitcoin was falling in value. At the moment, the price of Dogecoin is 21.5% below its high point in August 2023. Based on technical analysis, Dogecoin is barely holding on, and bears may soon aim for new lows.
Dogecoin Underperforms Bitcoin
The following DOGE/BTC data makes it pretty clear that the meme coin is always losing ground to Bitcoin. This pair changes the DOGE to USD exchange rate because it shows how the top dogecoin is doing against the biggest cryptocurrency.
Since November 2021, most price changes for the DOGE/BTC pair have happened between 0.00000293 and 0.0000000463. After a break below this level in April 2023, the bears have become very strong. For many traders, the June 2023 low of 0.00000202, which is 15% below the present price, is the last line in the sand.
Dogecoin Price Prediction Flips Bearish
My prognosis for the price of Dogecoin will continue to be bearish so long as the Bitcoin pair of DOGE is trading below the range that was specified earlier.
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According to the results of a neutral and objective study of the chart for the DOGE/USD pair, the most important level on the chart right now is $0.058. The price could drop below $0.029 if it breaks through this level and stays there.
The price needs to break above the $0.09 resistance level in order to avoid a move that is 50% to the downside. There is no other way to avoid this move.
In the coming weeks, the only way this scenario could play out is if Bitcoin manages to sustain a price above $31,500. Since September is often a month that is negative for cryptocurrency prices, I do not anticipate that there will be a substantial rebound within the next few weeks.
Dogecoin Price History
In the beginning, Dogecoin was released in 2013 under the name “fair launch.” Software programmers Billy Markus and Jackson Palmer came up with the idea for the project, which is based on the “Doge” meme, which gained traction in 2013 and featured a Shiba Inu dog as its main character.
According to CoinMarketCap, the first price of Dogecoin was $0.0002993, and in May 2017, the coin reached an all-time high of $0.001 for the first time.
The price of a dogecoin peaked at $0.0146 for a short period of time in January 2018, however, it immediately fell and remained below $0.01 until January 2021.
At the beginning of 2021, the cryptocurrency bull market got underway, which resulted in a surge in the price of cryptocurrencies. However, in contrast to the earlier bull market, the market for Dogecoin had an unexpected advantage: One of the wealthiest men in the world, Elon Musk, became a huge supporter of the project.
A story published by Fox Business in February 2021 reveals that Elon had already begun to accumulate Dogecoin in the first quarter of 2021 and had expressed his support for the cryptocurrency publicly on Twitter around the same time period.
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