Cryptocurrencies had a strong year in 2020. While the rest of the economy fell, the prices of most cryptocurrencies rose or stayed within the range. However, the year 2021 appears to be very exciting. The Dogecoin price and other cryptocurrencies, such as bitcoin, have skyrocketed in the first two months.
There is good news for the ones who love to enjoy investing in cryptocurrency. You can invest in a lot more options now and enjoy earning better while sitting at home. The Dogecoin is coming up as a surprise to many out there who consider it as a matter to waste.
Dogecoin, like every other cryptocurrency, has undergone high price volatility. To be exact, it has risen 774 percent against the US dollar this year. In July 2020, the cryptocurrency skyrocketed from 0.002286 to $0.004543 in a matter of days. Dogecoin’s bullish momentum began the year on a high note, more than doubling in value from $0.005405 to $0.011427 on January 2.
The price of dogecoin reached a high of $0.082605 on February 8th, 2021. The market cap has risen to $10.7 billion because of the bullish trend. The pattern has now reversed to what appears to be a slight retracement. However, a complete reversal cannot be ruled out.
The Dogecoin price is currently hovering around the previous high of $0.051793, which was set in January 2021. This high could be retested, and it will then serve as our support. Although the price is currently in a downward trend, it would be wise to wait to see how the price reacts at this point.
Although it is impossible to predict the dogecoin price with absolute certainty, it is wise to assume the most probable course. Apparently, the coin created as a joke, or to satirize the increasing number of questionable crypto coins. Its expansion has not been amusing. We currently ranked it 10th in the world. The current price of 0.05 reflects a 21000 percent increase from $0.000232 in 2013.
Recent endorsements from high-profile individuals have swayed the “joke” cryptocurrency. One of the most important drivers of the dogecoin price spike is Elon Musk’s series of tweets. Snoop Doge recently released an altered song, Snoop Doge, and Gene Simmons recently announced that he owns DOGE.
The dogecoin’s bullish trend will continue through April. We expect Dogecoin to hit $0.0595023 in early April, according to Dogecoin Predictions. They projected the minimum price to be around $0.0509205, with the limit likely to be around 0.0748831. They forecast the price to hit $0.0599065 by the end of the month.
Fears of losing out, as well as a general bullish attitude toward cryptocurrencies, would continue to drive prices higher. To put it another way, more buyers are likely to keep buying dogecoin, driving prices even higher.
Dogecoin will start the year at a maximum price of $0.0954633 and trade at a minimum price of $0.0649150, according to the trading beast forecast. In May 2023, the price will close at $0.1, representing a 55.75 percent increase.
At the end of the year, Dogecoin will be worth $0.1096323 on the top side and $0.0745500 on the low side. In 2024, dogecoin will sell at a higher price than $0.11. If the price drops, the $0.075 price level may provide help.
The minimum price will rise to 0.846257 by the end of the year. On the plus side, the cryptocurrency will reach $0.12 in September and continue its upward trend to a maximum price of $0.12444 by the end of the year.