We all know Dogecoin as an open-source, peer-to-peer solution for seamless money transfers that first emerged as a pure joke, born out of an Internet meme. Although over the course of time, the travesty currency has transformed into a popular digital asset that is being actively traded on multiple cryptocurrency exchanges. So much so that even Elon Musk called Dogecoin his favorite coin on Twitter, though he was probably trolling the crypto community.
Nevertheless, DOGE is undeniably one of the top altcoins, which is being ranked 31th on Coinmarketcap - the coin has been holding this height for at least two years straight.
Last year wasn’t particularly impressive for DOGE since it failed to produce double-digit profits as of the year-end. The gains against USD amounted to a mere 2.61%, while the performance against Bitcoin was underwhelming with -53.8% gap. Ethereum had also outdone Dogecoin by 10%. Although DOGE did take part in last year’s bull market and even managed to hit the yearly ceiling of $0.0037 twice - first on April 4 and then on July 6 - the gains at both of these peaks constituted only 102%, while the other two mentioned currencies have outperformed DOGE substantially.
By looking at DOGE’s historical price action, we notice that the period from April 4 until July 10, after which the coin went in correction, was very uncharacteristic as the price maintained lower highs and consolidated for a long time, touched the yearly highs twice, and then began correcting quite smoothly. But on the all-time chart below, you can see that Dogecoin had never had a prolonged consolidation phase after a sharp price spike - it always went down abruptly before going up again.
Besides, if we look at the bigger picture, it becomes evident that DOGE has had a cool-down phase during 2019, after a more than erratic price action that had taken place since the first quarter of 2017. This could mean two things: either Dogecoin has changed its behavioral pattern and will move much more smoothly from now on, or it’s gaining strength before going on another streak of crazy ups and downs.
The DOGE/USDT chart on a daily time frame clearly shows that the coin continues its movement within the confines of the falling trend, which has been lingering since last July, which is marked out with Andrew’s pitchfork on the picture below.
Although on several occasions, the price did break out of the green corridor in either direction, it has always been drawn back into it. Given that there are no plans for introducing radical technological improvements to the Dogecoin network in the near future, the fundamentals won’t be driving the price up, so the downtrend should persist in the medium term. Therefore, right now, there’s no point in going long on Dogecoin, at least until the price begins testing the pitchfork’s upper line.
However, trading DOGE on smaller time frames might be a good option now because, on the 4-hour chart, the price has recently broken through the descending triangle to the upside, which is a prerequisite for short-term gains.
In the next few days, we should see whether DOGE establishes resistance at $0.0021; otherwise, the price could retrace all the way down to $0.00188.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 72.4% | 54 | $68 221.63 | 1.27% | 2.38% | $1 346 132 518 889 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ![]() |
Ethereum predictions | 77.6% | 47 | $3 277.70 | 0.62% | -6.01% | $394 072 124 681 | ||
3 | ![]() |
Tether predictions | 93.6% | 1 | $1.000294 | 0.04% | -0.03% | $114 362 869 613 | ||
4 | ![]() |
Solana predictions | 65.2% | 70 | $186.46 | 3.76% | 10.05% | $86 651 629 563 | ||
5 | ![]() |
Binance Coin predictions | 79.2% | 42 | $588.60 | 1.71% | -0.56% | $85 893 706 101 | ||
6 | ![]() |
USD Coin predictions | 91.6% | 1 | $1.000218 | 0.01% | 0.02% | $34 165 068 764 | ||
7 | ![]() |
XRP predictions | 60.4% | 86 | $0.601322 | 0.08% | 1.60% | $33 650 519 304 | ||
8 | ![]() |
Dogecoin predictions | 74% | 55 | $0.135778 | 4.40% | 6.72% | $19 726 589 838 | ||
9 | ![]() |
Toncoin predictions | 84.8% | 29 | $6.74 | -0.27% | -8.09% | $16 954 582 289 | ||
10 | ![]() |
Cardano predictions | 75.2% | 49 | $0.417851 | 0.74% | -4.48% | $15 002 527 040 | ||
11 | ![]() |
TRON predictions | 87.2% | 18 | $0.137290 | 0.44% | 2.02% | $11 952 578 512 | ||
12 | ![]() |
Avalanche predictions | 79.2% | 38 | $28.70 | 1.64% | 1.95% | $11 330 467 420 | ||
13 | ![]() |
Lido stETH predictions | 93.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | ![]() |
SHIBA INU predictions | 80.8% | 30 | $0.000017 | 2.35% | -3.05% | $10 173 129 198 | ||
15 | ![]() |
Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.