Dogecoin Price Prediction 2021: Is Dogecoin a Good Investment?
The cryptocurrency market has been in a bullish state this year, and Dogecoin is one of the top-performing assets. Due to the recent general market pullback, it has gone up to become the 6th largest cryptocurrency by market cap. The market cap is now $40,305,053,734, and $3,074,149,696 worth of the asset has been traded in the last 24 hours, with 129.79B DOGE in circulation. This Dogecoin price prediction will explore the state of the asset for the year 2021. We will try to answer different questions: Is Dogecoin a good investment? Should I invest in Dogecoin? Why is Dogecoin going up?
Dogecoin Price Prediction: Technical Analysis
Dogecoin has gone up thousands of percent in 2021 alone. This has mostly been fueled by Elon Musk’s support for the asset. Earlier this year, he posted several tweets that showed his support for DOGE, which could have made more investors interested in it.
While all top assets have lost their value, including Dogecoin, it still sustains strength that is making it to beat other assets that were bigger than it to become the 6th largest asset at the moment. So, why is Dogecoin going up relative to other assets? It seems that the huge price gain earlier in the year helps the asset during this general pullback across the market.
This strength is still shown in the daily DOGE/USD chart. The moving averages, for instance, show that the price still sustains healthy upward potential, as the bullish trend has not been reversed based on this indicator.
The chart shows that the asset has been in a tight range recently with a slow descent. Dogecoin’s relative strength index (RSI) has dropped to 43, approaching the 30 level, which indicates an oversold condition. Ideally, this will send the price of the asset upward again as buyers are likely to step in. However, because of the lingering downtrend in the market, this may not happen immediately.
If you are one of the investors watching Dogecoin, you may be asking when will Dogecoin go up again? This will depend on a number of factors, including how long Bitcoin remains in a bear market.
Dogecoin Price Prediction: Market Opinions
So, is Dogecoin a good investment? The following are the opinions of some top websites on Dogecoin price prediction, which should help you answer the question for yourself.
Dogecoin Price Prediction for June
For June, Longforecast’s Dogecoin price prediction puts the price at $0.31 at the start of the month. This is expected to trend between $0.17 and $0.37 within the month. The closing price is set at $0.22 for the month.
Digitalcoinprice expects the price of Dogecoin to reach $0.52208821 in June. Their Dogecoin price prediction for the month is bullish at this average and will increase the value by 59.79%.
Previsionibitcoin is cautiously optimistic. Their Dogecoin price prediction is that the asset will reach an average of $0.417142 in June. This will be an increase from the current price, which means they expect the price to start growing again by June.
Dogecoin Price Forecast for the Rest of the Year
Tradingbeasts is not so bullish about Dogecoin for the rest of 2021. According to their DOGE price prediction, the maximum price that DOGE is expected to reach for the rest of 2021 is $0.5485789 and that is in December. The minimum price is $0.3730337 for the last month of the year.
|Month||Minimum Price||Maximum Price||Average Price||Change|
|June 2021||0.3501076||0.5148641||0.4118913||24.21 %|
|July 2021||0.3532001||0.5194119||0.4155296||25.30 %|
|August 2021||0.3566745||0.5245213||0.4196170||26.53 %|
|September 2021||0.3604309||0.5300454||0.4240363||27.87 %|
|October 2021||0.3643306||0.5357803||0.4286242||29.25 %|
|November 2021||0.3686268||0.5420983||0.4336786||30.77 %|
|December 2021||0.3730337||0.5485789||0.4388632||32.34 %|
Like Tradingbeasts, this website does not expect much from Dogecoin for the rest of the year. The DOGE price prediction sees the asset reaching a maximum of $0.397 towards the end of December 2021. The least price during this period will be $0.335.
Cryptoground puts its DOGE price prediction at $0.4476 six months from June (end of the year). This will represent an increase of 44.63%, and is one of the most bullish predictions so far. The figure below shows other longer-term predictions as well.
Cryptocurrency Experts and Influencers
Some analysts believe that Dogecoin has a brighter future than most think. A crypto technical analyst and Dogecoin fan, Matt Wallace, is positive that Dogecoin is already on its way to recovery.
Latest News and Happenings Concerning Dogecoin
Elon Musk has been the leading figure when it comes to Dogecoin, so most people expect him to have the highest Dogecoin holdings. However, recent events suggest this may not be true.
A large Dogecoin whale was unveiled recently, holding $10.94 billion worth of DOGE. All fingers started pointing towards Musk, but a Dogecoin developer, Patric Lodder says he couldn’t hold so much Dogecoin. According to Lodder, the probable owner of the wallet was a crypto exchange and not an individual.
The wallet address in question had accumulated over 35 million DOGE since 2019. This is nearly 30% of DOGE circulating supply, making it one of the single wallets with the largest amount of DOGE in the world.
Meanwhile, Elon Musk says he hasn’t sold any of his Dogecoin and does not intend to do so in the near future. He recently declared a war between fiat and crypto and publicly declared that he was in support of the latter, and DOGE is one of the digital assets he is holding onto.
Musk is one example of billionaires who are firmly in support of Dogecoin. Mark Cuban is another who declared that he receives DOGE from ticket and merchandise sales for his NBA team, the Dallas Mavericks. With such billionaires standing behind the asset, will Dogecoin go up again faster or sooner than we expect?
Dogecoin Price Prediction: Verdict
From the price analysis, Dogecoin is still in a good position as an asset. However, looking at the Dogecoin price predictions, it is clear that analysts are losing confidence in the price bouncing back strongly anymore this year. As the price has crashed to almost an overbought level, buyers may step in again and start pushing the price up again if all goes well. On the question of why is Dogecoin going up, it may be because it has gained investors’ confidence, which may significantly enhance its future growth.