Over the last few weeks, Dogecoin has generally performed well. It was able to rise dramatically as a result of an altcoin rally at the end of October before plummeting again as a result of the FTX crash. Nonetheless, the DOGE rose more than many other coins. How much can the price of Dogecoin rise in the coming weeks, and what is the forecast for the end of 2022? Let’s take a look at it in more detail in this Dogecoin price prediction.
How has the Dogecoin price changed in recent weeks?
The Dogecoin price has experienced considerable ups and downs over the last week. At the end of October, we observed a huge altcoin rally, which induced the prices of several cryptocurrencies to soar in the short term. Dogecoin was the top performer, more than doubling in current value. This was partially due to Elon Musk’s buyout of Twitter.
As a result of the FTX crash, the Dogecoin price had to concede substantial losses once more. Amidst this, the DOGE course was above the valuation before the crash. The price was able to manage again in the weeks following the incident. Now, another price hike is conceivable in December.
Why has Dogecoin recently performed so well?
As a meme coin, Dogecoin’s price can skyrocket significantly from time to time. However, this is more frequent during a bull market. Even so, meme coins typically find it difficult in a bear market. This is also illustrated for the Shiba Inu Coin by 2022. However, Dogecoin has done a lot better. Ultimately, this was primarily due to a combination of two factors:
- The altcoin rally sparked by a short-term breakout in bitcoin price above $21,000
- The takeover of Twitter by Elon Musk, who is considered a Dogecoin fan.
What is the Dogecoin price prediction for the end of 2022?
So there have been ups and downs in the last few weeks. We may see a stronger movement in the Dogecoin price by the end of 2022. Recently, we’ve seen bitcoin price attempt to break through the $17,000 resistance level, potentially triggering a rally to $20,000. This may also evoke another altcoin rally before the end of the year.
The Dogecoin prediction will be ascertained by whether the Bitcoin price can still continue to climb. If this happens and the Altcoins extensively rise again, Dogecoin, in specific, may encounter a price outburst at the end of the year. But how far can the DOGE rise in the following weeks?
How high can the Dogecoin price rise in our prediction?
In the last two weeks, the Dogecoin price has been able to go back to, and even exceed the $0.10 mark. If an altcoin rally happens in the coming weeks, it may breach the $0.11 resistance level.
If an upward breakout takes place, the DOGE could increase by 20 to 30 percent in the weeks leading up to the end of the year. This indicates that DOGE could start rising above $0.13. A drop below $0.090 looks unlikely in the coming weeks. As a result, we predict a Dogecoin price range of $0.90 to $1.30 by the end of the year. At the time of writing this, the DOGE is trading at $0.09818.
Is it worthwhile to invest in the DOGE?
Because the market is currently at an all-time low, investing in Dogecoin could be very profitable right now. The DOGE is highly unstable and is viewed as incredibly risky. If you are willing to take this risk, an investment in the DOGE may be beneficial, especially around this time.
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