Today, we will be examining some of the past price trends of DOGE and other market factors in order to formulate a Dogecoin price prediction for November 2019.
Dogecoin (DOGE) is a well-known cryptocurrency that was launched back in 2013 as a Litecoin fork. DOGE’s image was based on the Shiba Inu meme, and even if it may seem it started as a joke, the coin grew to receive strong support from its community.
Now the coin does not have a strong market prominence, with its price losing its value significantly, as well as its market cap. But, taking into account that Dogecoin is still around after six years and ranks among the top 30 coins which is still a big feat, as most coins have fallen into obscurity in just a few years after their launch.
Today, the coin ranks 29th in the crypto market and has an overall ROI of 366.26%.
Dogecoin Price Prediction: Analysis
Dogecoin was trading at $0.0027 on October 20. That day, the coin fell to $0.002611 from $0.002786 by 6.01%. The price tried to recover but dropped again to $0.00261 from $0.002781 by 5.99%. DOGE once again regained some momentum and reached $0.00277, continuing as the coin rose to $0.0028 from $0.0026 by 6.69%. Dogecoin has a closing price of $0.00262, with a loss of 5.53%.
On October 21st, Dogecoin opened at $0.002732, and once again tested resistance levels of $0.002813, but closed the day at $0.0027 support levels. The next day was also similar in support and resistance levels.
October 23rd brought a slump for the Dogecoin price, with the coin opening at $0.002564, with its highest value of $0.002587 not managing to even reach $0.0026 resistance levels, and support levels were down to $0.0023- $0.0024. The coin closed the day at $0.002495. Dogecoin traded at $0.002491 on October 24th, not seeing big changes since the previous day. The closing price was $0.002538.
October 25th saw some improvement, as Dogecoin managed to test $0.0027 levels and closed the day at $0.002684.
The coin saw its highest value of the week on October 26th with $0.002858, but the rest of the days were uneventful, as Dogecoin opened and closed within the $0.0026 support levels, and tested $0.0027 resistance levels briefly.
Today, October 31th, the coin had a trading price of $0.002605, with a change of -1.28%. The key DOGE resistance levels were calculated at: $0.00278, $0.0029, $0.0030, $0.0032. The key DOGE support levels were calculated at $0.0026, $0.00253, $0.0025, $0.0024.
In our Dogecoin price prediction, we will also be looking at the Dogecoin-Bitcoin price correlation and how the movement of BTC can influence that of DOGE.
Correlation is measured on a scale from -1 to 1, with values above 0 showing to what degree the altcoin follows the movement of BTC, and values below 0 showing to what degree the altcoin moves in the opposite direction of BTC.
BTC and DOGE have a correlation coefficient of 0.44, which shows a strong relationship between the two.
DOGE is currently not backed by a stable development team, and no technical updates have been made in the last 5 years. Founder Jackson Palmer distanced himself from the project in 2015, claiming that his departure was because of a “toxic community” that was interested in only pumping the price of the coin and deceiving investors.
DOGE does not have its supply capped, meaning the coin is prone to inflation, while other cryptos with a fixed cap have a deflationary nature. The coin already has reached a circulation supply of over 120 billion, which is a massive amount of coins. This could lead to a price depression for holders that own a very large amount of the coin or cause the price to stagnate.
The price of Dogecoin does not seem to respond to media attention as opposed to other altcoins. However, according to Google Trends, DOGE is one of the most popular cryptos in Venezuela. It was also revealed that Doge is a favorite crypto in countries that have difficult economic systems, such as Bangladesh, Pakistan, Philippines, and Nigeria.
The coin is currently relatively stable, which is surprising given that its founder left the project, and has an unlimited supply.
Dogecoin Price Prediction: Market Opinion for November 2019
Certain websites from the crypto space have postulated their own forecasts for Dogecoin and what value the coin might reach this November. To offer you a better perspective of the market feeling towards DOGE and its development, we have included some of these predictions below:
The Tradingbeasts website predicted that the Dogecoin price might possibly reach $0.0033522 at the start of November 2019. They estimate that the coin will have a maximum value of $0.0041844 and a minimum price of $0.0028454. The forecasted Dogecoin closing price for the end of the month is $0.0033475.
Walletinvestor issued Doge price predictions for every day of the month of November, with the average, minimum and maximum price:
Nov 01: average price $ 0.00253, min $ 0.000436, max $ 0.00461;
Nov 02: average price $ 0.00257, min $ 0.000378, max $ 0.00470;
Nov 03: average price $ 0.00195, min $ 0.000119, max $ 0.004084;
Nov 04: average price $ 0.00249, min $ 0.000710, max $ 0.00449;
Nov 05: average price $ 0.00239, min $ 0.000238, max $ 0.00424;
Nov 06: average price $ 0.00231, min $ 0.000182, max $ 0.00432;
Nov 07: average price $ 0.00229, min $ 0.000119, max $ 0.00448;
Nov 08: average price $ 0.00225, min $ 0.000139, max $ 0.00432;
Nov 09: average price $ 0.00230, min $ 0.000300, max $ 0.00439;
Nov 10: average price $ 0.00170, min $ 0.000119, max $ 0.00369;
Nov 11: average price $ 0.00226, min $ 0.000263, max $ 0.00433;
Nov 12: average price $ 0.00218, min $ 0.000119, max $ 0.00417;
Nov 13: average price $ 0.00212, min $ 0.000119, max $ 0.00414;
Nov 14: average price $ 0.00213, min $ 0.000119, max $ 0.004088;
Nov 15: average price $ 0.00211, min $ 0.000119, max $ 0.00429;
Nov 16: average price $ 0.00219, min $ 0.000119, max $ 0.00428;
Nov 17: average price $ 0.00161, min $ 0.000119, max $ 0.00362;
Nov 18: average price $ 0.00219, min $ 0.000161, max $ 0.00431;
Nov 19: average price $ 0.00213, min $ 0.000119, max $ 0.004099;
Nov 20: average price $ 0.002092, min $ 0.000119, max $ 0.00418;
Nov 21: average price $ 0.00211, min $ 0.000119, max $ 0.00417;
Nov 22: average price $ 0.00211, min $ 0.000136, max $ 0.00427;
Nov 23: average price $ 0.00219, min $ 0.000139, max $ 0.00433;
Nov 24: average price $ 0.00163, min $ 0.000119, max $ 0.00367;
Nov 25: average price $ 0.00221, min $ 0.000215, max $ 0.00419;
Nov 26: average price $ 0.00216, min $ 0.000200, max $ 0.00415;
Nov 27: average price $ 0.00213, min $ 0.000119, max $ 0.00411;
Nov 28: average price $ 0.00215, min $ 0.000119, max $ 0.00426;
Nov 29: average price $ 0.00215, min $ 0.000119, max $ 0.00423;
Nov 30: average price $ 0.00224, min $ 0.000268, max $ 0.00426.
Cryptoground’s Dogecoin price prediction was that in one week the coin would have a price of $0.0025, with a change of -8.14%, while in one month they estimated the coin would reach $0.0024, with a change of -10.18%.
Digital Coin Price
Digitalcoinprice predicted that in November the coin will reach a price of $0.00415263, with a change of 58.95%.
Dogecoin Price Prediction: Verdict
From the data we have gathered so far, Dogecoin will remain at best stable, but there will probably be no major surges any time soon.