In a previous article, we raised the flag on Dogecoin prices. The reason for adding DOGE to our radar had to do with the bullish crypto market sentiments along with strong fundamentals. They seem to have taken a positive toll on DOGE investors. Why is Doge up? Where will DOGE reach next? Let’s analyze in this DOGE price prediction article.
Why is DOGE up?
There are 3 main factors for why DOGE price is up. Two of them are fundamental reasons, the third is a technical one:
- The crypto has been consolidating for an extended while: Long consolidations following a downtrend often result in a rise in prices.
- The UK just approved cryptos: this not only instigates trust in the crypto market but also entices investors to dip their toes back in with more confidence. This is especially true after what’s happening in the EU from an economical standpoint.
- Elon Musk officially acquires Twitter: the deal was finalized and Elon officially entered the Twitter building with a sink after his tweet saying “Let that sink in”. Doge tokens were used in the boring company as a way of payment. With twitter today, DOGE might become the tipping token on this platform. This is especially true since Binance was among the investors who helped Elon with his purchase.
Is DOGE dead?
Doge is far from being dead, as its prices shot as high as 85% since last week. This is a clear sign of a comeback, especially after an extended consolidation. If we look at figure 1 below, we can notice how prices soared in the past 24 hours by more than 30%. With a market cap of around $14 billion, DOGE is definitely not dead.
Doge Price Prediction – Will DOGE go back up to 75 cents?
With such a price rise and a positive crypto market, DOGE is set to regain its previous price areas. This is especially true because DOGE managed to break the psychological barrier of 10 cents. We do expect however some corrections along the way. The price increase in figure 2 is not sustainable. For a healthier uptrend, we would expect prices to correct towards $0.093 as part of the 23.6% Fibonacci retracement.
After this adjustment, if the crypto market proves its bullrun is in place, DOGE shouldn’t have any problem reaching its previous price of 75 cents. However, this is not expected to happen anytime in 2022.
Where to Buy DOGE?
There are many exchanges that offer DOGE. We at CryptoTicker recommend the below exchanges, as they have proven to be safe, secure and have good liquidity:
How to Buy Doge?
After choosing any of the above exchanges, you’d need to do the following:
- Create an account with that exchange
- Verify your account (submitting your legal documents)
- Funding your account (through bank wire, credit card or other means provided by the exchange)
- Selecting DOGE from the list of cryptocurrencies
- Buy DOGE