Dogecoin (DOGE) Price Prediction and Analysis in March 2021
Dogecoin price prediction and analysis for March 2021 is here. If you intend to invest in this cryptocurrency in the coming month, then it will be useful for you to read this article to the end. Here’s the important information you need in order to make the best investment decision.
Dogecoin (DOGE) Overview
Dogecoin is a fun cryptocurrency created by two programmers to explore the fun side of crypto. The native currency DOGE is now the 12th largest cryptocurrency by market cap. Dogecoin was forked from Litecoin, which is itself a Bitcoin fork, and was targeted for the less tech audience outside of the technical crypto community.
Unlike Bitcoin and Litecoin, DOGE is not mined using Proof-of-Work, but rather using Scrypt Technology, with a much shorter block time of one minute. Anyone can mine Dogecoin on their own or by joining a mining pool. There is no limit to the number of coins that can be mined.
DOGE is primarily used for tipping content creators on Twitter and Reddit. There are currently 128,345,470,276 DOGE in circulation, with a market cap of $8,723,412,669.
Dogecoin Price Prediction: Analysis
2020 has been an eventful year for Dogecoin. This has been primarily due to well-known persons, such as Elon Musk and Snoop Dogg, shilling the coin. Dogecoin rose to displace Litecoin, the 8th largest cryptocurrency, at some point when Musk was tweeting about it regularly. In fact, it has been a steep rise in a straight line since late January, as the price kept rising consistently, even gaining 800% in a single day at one point.
The daily chart on Dogecoin shows that the coin has been in an upward trend, as everyone clearly sees. It has, however, entered a consolidation phase with a consistently tightening range that is approaching a breakout. So far, Elon Musk and others’ shilling has drawn a lot of attention to the cryptocurrency. Although it is hard to tell precisely, such attention may serve as fuel to break the coin upward, which will likely continue the upward move in the short-term.
The RSI is just above 70, but it was around 90 towards the end of January before dropping to about 65. This may suggest that there is room for buyers to still push upward, which may coincide with the impending breakout.
To help guide traders’ entry and exit decisions, Walletinvestor has calculated the key support and resistance levels for Dogecoin, which should serve as a useful guide. The levels are as follows:
- Resistance Level (R3): 0.0914;
- Resistance Level (R2): 0.0861;
- Resistance Level (R1): 0.0795;
- Pivot Point: 0.0742;
- Support Level (S1): 0.0676;
- Support Level (S2): 0.0623;
- Support Level (S3): 0.0557;
The Dogecoin price has been pumping unusually recently. The price has risen to an all-time high of over $0.07. However, beyond the financial gains, Dogecoin’s technical aspect may be receiving a face lift as well as the technical team has gone to work to upgrade the codes to withstand the growing pressure on the cryptocurrency.
The lead maintainer, Ross Nicoll, said that the first commitment of the team is to increase the scaling capabilities of the network, as the number of nodes has increased from a few hundred to about $1,300. Nicoll himself has not committed to the project’s Github page since 2019, but has told CoinDesk that a significant number of pull requests have been coming in since the last few weeks that Dogecoin has notably increased in price.
Dogecoin Price Prediction: Market Opinion for March 2021
Digitalcoinprice states in its Dogecoin prediction that the price will reach an average of $0.10616669 in March 2021.
Gov.capital’s Dogecoin price prediction is that the cryptocurrency will reach as high as $0.082915 in March. Bellow is the full price forecast for March 2021:
|Calendar date||Regular||Least possible price||Best possible price|
|2021 March 01, Monday||0.0724||0.06154||0.08326|
|2021 March 02, Tuesday||0.0723||0.061455||0.083145|
|2021 March 03, Wednesday||0.0722||0.06137||0.08303|
|2021 March 04, Thursday||0.0724||0.06154||0.08326|
|2021 March 05, Friday||0.0721||0.061285||0.082915|
|2021 March 06, Saturday||0.0718||0.06103||0.08257|
|2021 March 07, Sunday||0.0718||0.06103||0.08257|
|2021 March 08, Monday||0.0718||0.06103||0.08257|
|2021 March 09, Tuesday||0.0716||0.06086||0.08234|
|2021 March 10, Wednesday||0.0717||0.060945||0.082455|
|2021 March 11, Thursday||0.0719||0.061115||0.082685|
|2021 March 12, Friday||0.0715||0.060775||0.082225|
|2021 March 13, Saturday||0.0712||0.06052||0.08188|
|2021 March 14, Sunday||0.0714||0.06069||0.08211|
|2021 March 15, Monday||0.0715||0.060775||0.082225|
|2021 March 16, Tuesday||0.0714||0.06069||0.08211|
|2021 March 17, Wednesday||0.0713||0.060605||0.081995|
|2021 March 18, Thursday||0.0714||0.06069||0.08211|
|2021 March 19, Friday||0.0713||0.060605||0.081995|
|2021 March 20, Saturday||0.0712||0.06052||0.08188|
|2021 March 21, Sunday||0.0714||0.06069||0.08211|
|2021 March 22, Monday||0.0716||0.06086||0.08234|
|2021 March 23, Tuesday||0.0714||0.06069||0.08211|
|2021 March 24, Wednesday||0.0715||0.060775||0.082225|
|2021 March 25, Thursday||0.0717||0.060945||0.082455|
|2021 March 26, Friday||0.0714||0.06069||0.08211|
|2021 March 27, Saturday||0.0711||0.060435||0.081765|
|2021 March 28, Sunday||0.0713||0.060605||0.081995|
|2021 March 29, Monday||0.0714||0.06069||0.08211|
|2021 March 30, Tuesday||0.0712||0.06052||0.08188|
|2021 March 31, Wednesday||0.0712||0.06052||0.08188|
According to Tradingbeasts‘s Dogecoin price prediction, the price will be $0.0795308 at the beginning of March. The minimum expected price for the month is $0.0677542, the maximum is $0.0996386, and the closing price is $0.0797108.
This website’s DOGE prediction is that the price will reach $0.1 in March 2021.
Dogecoin Price Prediction: Verdict
This was our Dogecoin price prediction and analysis for March 2021. We hope this helps you to make the right decision. These predictions are optimistic, as the price of the cryptocurrency will rise in the coming month.
However, care must be taken when approaching the investment. The price is still very volatile, which means that it can fall unexpectedly even against the current predictions. That’s why you should do your own detailed research. Also, remember that only you are responsible for the outcome of your decision.
Featured image: forbes.com