Dogecoin (DOGE) Price Prediction and Analysis in December 2020
Have you been thinking about investing in cryptocurrency? You are not alone. Many investors are now turning to the once hated cryptocurrencies as alternative investments. We provide relevant information to help you make the right investment decisions. However, in this article, we will be considering the well-known cryptocurrency – Dogecoin (DOGE).
Dogecoin (DOGE) was created as a fun cryptocurrency, according to the “doge” meme used in its logo. Forked from Litecoin, Dogecoin has grown in popularity and now ranks 47th on Coin Market Cap. Unlike other cryptocurrencies, such as Bitcoin, that have a capped supply, the Dogecoin supply is unlimited. It is mined using script technology, unlike Bitcoin, which uses Proof-of-Work.
It is currently used as a tipping system on social media, such as Reddit and Twitter. Consumers of information can use DOGE to tip content creators on these social networks. Dogecoin currently has a market cap of $433,642,572, a circulating supply of 127,375,284,863 DOGE, and a 24-hour trading volume of $44,992,848. The current price per DOGE is $0.003395, with a gain of 0.21% in the last 24 hours.
Dogecoin Price Prediction: Analysis
Dogecoin has not shown any serious price surge in the last month, except for a sudden shoot in late November, which coincides with the general crypto market rally around the time. It has been in consolidation the rest of the time, with a very weak upward movement. The price started to grow on 21 November, but no significant price change was recorded until 24 November, when the price hit $0.004 for the first time this year, starting at $0.003 on 21.
The price continued its upward move after a brief consolidation to reach $0.00418 on 25 November, a level that did not last, and a drop started almost immediately. After ranging briefly between $0.00391 and $0.00409, there was a nosedive of $0.0029 on 26, and the price has been fluctuating between this price and $0.0035.
The daily chart of DOGE/USD shows that the short term trend is majorly bearish. Considering the Moving Averages (MAs) as the indicators, the longer-term MA (100) crossed above the 20 and 50 MAs and has stayed on top of the two since then. This means that the price may not be moving upward soon unless the 20 MA (which is above the 50) manages to cross above.
The following are important price levels that are critical for traders to pay attention to. This is according to the price analysis and prediction website – Walletinvestor:
- Resistance Level (R3): 0.00357;
- Resistance Level (R2): 0.00350;
- Resistance Level (R1): 0.00344;
- Pivot Point: 0.00337;
- Support Level (S1): 0.00330;
- Support Level (S2): 0.00323;
- Support Level (S3): 0.00317.
There are no recent developments on Dogecoin at this time.
Dogecoin Price Prediction: Market Opinion for December 2020
To give you a better perspective of market behavior in order to know what to expect, we bring you market opinions from some top prediction and analysis websites. The following are the market opinions for Dogecoin at this time.
In the month of December, Walletinvestor predicts that DOGE will reach up to $0.00434. It also forecasts that the cryptocurrency’s lowest possible price will be $0.00330, although the prediction is not for the entire month yet. Below is a table with the predictions for the next 14 days.
|Date||Price||Min Price||Max Price|
Digitalcoinprice‘s Dogecoin price prediction is that it will reach $0.00831404 in December 2020. This will be an increase of over 140%, according to the website.
Cryptoground anticipates that the price of DOGE will drop to $0.0024 in the next month, which means it may not do very well in December.
Coinpredictor forecasts a price of $0.00388 in the next 4 weeks, which is within the month. This will be a 46.1% increase from the current price of the asset.
Dogecoin Price Prediction: Verdict
This was our Dogecoin price prediction and analysis for December 2020. It appears that most of the websites with market opinions seem positive that the price will go up, which is a good thing for investors. However, it is important to pay attention to the TA, which doesn’t look very good right now. It may not be a bad idea to buy it for the long term, as many predictions also point to a future price pump for DOGE.
Featured image: forextime.com