Dogecoin Price Prediction — Will DOGE Hit $1 Soon?
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- Bullish DOGE price prediction is $0.2425 to $0.7385.
- The DOGE price will also reach $1 soon.
- DOGE bearish market price prediction for 2022 is $0.0413.
In Dogecoin (DOGE) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about DOGE to analyze the future movement of the cryptocurrency.
Dogecoin Current Market Status
According to coingecko, the price of DOGE is $0.1717 with a 24-hour trading volume of $1,167,687,872 at the time of writing. However, DOGE has increased to 4.9% in the last 24 hours.
Moreover, DOGE has a circulating supply of 132,617,095,388 DOGE. Currently, DOGE trades in cryptocurrency exchanges such as Binance, OKEx, FTX, CoinTiger, and Huobi Global.
What is Dogecoin (DOGE)?
Dogecoin is a crypto created on December 6, 2013 based on the popular “Doge” Internet meme, and has its logo Shiba Inu. The codebase of the program is Litecoin’s fork, which inherits a similar hash hashing algorithm, the only difference being branding and large inflation distribution.
It was introduced as the “joke currency”, Dogecoin quickly formed its own online community, reaching US $60 million in capital in January 2014. Dogecoin was developed by Billy Marcus of Portland, Oregon and Jackson Palmer of Sydney, Australia. Dogecoin is primarily used as a tipping system on Reddit and Twitter, where users refer to each other to create or share good content.
Dogecoin (DOGE) Price Prediction 2022
Dogecoin holds the 12th position on CoinGecko right now. DOGE price prediction 2022 explained below with a weekly time frame.
A descending channel is a pattern formed from two downward trend lines drawn above and below the price indicating the resistance and support levels. It is a bearish pattern defined by a trend line that supports a series of lower lows and a diagonal resistance level that connects low highs.
Currently, DOGE is at $0.1712. If the pattern continues, the price of DOGE might reach the resistance level to $0.3335 and $0.7363. If the trend reverses, then the price of DOGE may fall to $0.0888.
Dogecoin (DOGE) Support and Resistance Level
The below chart shows the support and resistance level of DOGE.
From the above weekly time frame, it is clear the following are the resistance and support levels of DOGE.
- Resistance Level 1 – $0.3725
- Resistance Level 2 – $0.7385
- Support Level 1 – $0.1596
- Support Level 2 – $0.0902
- Support Level 3 – $0.0413
The charts show that DOGE has performed a bullish trend over the past month. If this trend continues, DOGE might run along with the bulls overtaking its resistance level at $0.7385.
Accordingly, if the investors turn against the crypto, the price of the DOGE might plummet to almost $0.0413, a bearish signal.
Dogecoin Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of DOGE shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. From the start of November to till at the time of writing, RVOL of DOGE lies below the cutoff line, indicating weaker participants in the current trend.
More so, the DOGE’s Moving Average (MA) shown in the chart above. Currently, DOGE is in a bearish state. Notably, the DOGE price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of DOGE at any time.
Meanwhile, the relative strength index (RSI) of the DOGE is at level 41.55. This means that DOGE is neither an overbought nor oversold state. However, this means a major price reversal of DOGE may occur in the upcoming days.
Dogecoin Price Prediction 2022 — ADX, RVI
Let us now look at Dogecoin’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System which developed by Welles Wilder. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Dogecoin. Currently, DOGE lies in the range at 39.77, so it indicates a strong trend.
From the above chart, the Relative Volatility Index (RVI) of DOGE. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of DOGE lies below the 50 level, indicating that the direction of volatility is low. In fact, DOGE’s RSI is at the 41.55 level thus confirming a potential sell signal.
Comparison of DOGE with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum and Dogecoin.
From the above chart, we can identify the trend of the ETH, BTC and DOGE is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and DOGE also increases or decreases respectively.
Conclusion
With continuous improvements in the Dogecoin network, we can say that 2022 is a good year for DOGE. For this reason, the bullish price prediction of Dogecoin in 2022 is $0.7385. On the other hand, the bearish DOGE price prediction for 2022 is $0.0413.
Furthermore, with the advancements and upgrades on the DOGE ecosystem, the performance of DOGE would rise reaching $0.3725 very soon. But, it might also reach $1 if the investors believe that DOGE is a good investment in 2022.
FAQ
Dogecoin (DOGE) is a peer-to-peer, open source crypto. Launched in December 2013, Dogecoin features a logo of Shiba Inu as its dog.
DOGE has listed on many crypto exchanges which include Binance, OKEx, FTX, CoinTiger, and Huobi Global.
With the ongoing developments and upgrades within the DOGE platform, it has a high possibility of reaching its ATH soon.
On May 08, 2021, DOGE reached its new all-time high (ATH) of $0.7315.
Dogecoin (DOGE) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of DOGE in the past few months, DOGE is considered a good investment in 2022.
Dogecoin (DOGE) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Dogecoin (DOGE) will hit $1 soon.
Dogecoin (DOGE) price is expected to reach $1.25 by 2023.
Dogecoin (DOGE) price is expected to reach $2.5 by 2024.
Dogecoin (DOGE) price is expected to reach $4.3 by 2025.
Dogecoin (DOGE) price is expected to reach $6.8 by 2026.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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