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Sunday, July 3, 2022

Is $1 Still Possible For Dogecoin?

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Dogecoin has had a rollercoaster of a year. Its price is down 83% over the past 10 months from its all-time high of $0.73. Back then, there was talk of the meme coin crossing the $1 mark amid increased hype from celebrities and investors rushing to buy some Doge in fear of missing out.

Despite the price decline, Doge remains a top ten cryptocurrency with over $16 billion in market cap. This is a testament to its standing within the market. Unlike other top protocols with clear use cases, Doge is a meme coin without much utility. However, it has been embraced by the crypto community, and its popularity with celebrities has seen the coin become so popular several businesses have listed it as a payment option. The fact that the coin has been around since 2013 helps a lot and is a testament to its allure within the crypto community.

Despite the massive drop over the past ten months, Doge is still up 144,000% since its all-time low back on May 7, 2015. This means early investors are still sitting on incredible returns. Considering the project has proved resilient over the years, you can’t bet against seeing Doge being around for the foreseeable future. And as crypto becomes an integral part of our lives, its fortunes should continue to grow. Now, the big question on everyone’s mind is if achieving a price of over $1 is still possible this year. This Dogecoin prediction will try to assess the possibility of this happening.

Dogecoin Technical Analysis

Dogecoin is currently trading around $0.123 after a 2% drop in the past 24 hours. The coin’s price is facing significant resistance at the $0.13 level that, if broken, the price will look to use it as support and aim for the $0.142 resistance level that coincides with the dynamic resistance trendline on the daily time frame; however, if the price is rejected at the imminent resistance its likely to drop and use the dynamic support trendline around $0.1 level. Between the two dynamic trendlines, there is a 50% range to be exploited by bouncing up and down, which hasn’t been broken since December 21, 2021. That is a highly profitable range that anyone can exploit on derivative platforms such as PrimeXBT using leverage. This means your capital receives a boost increasing your potential profits. Also, your losses are magnified, and it’s crucial to practice good risk management. If you have no idea how to navigate these markets, PrimeXBT offers plenty of free resources to educate yourself; therefore, all you need is to dedicate some time.

How To Exploit The Volatile Price Prediction

The price of Doge is highly volatile, just like that of any other cryptocurrency, and this means plenty of profitable opportunities to be discovered. You can opt to use spot or derivative markets to exploit this volatility. However, there are a few differences. Spot markets will allow you to profit if only the price rises. This means you have to time the market, buy low, and sell high. Then wait for the price to drop and repeat the process. As for derivatives, you can profit whether the price rises or drops, plus you get to use leverage. This makes derivative markets quite lucrative. However, to know when to take positions means you have to understand technical and fundamental analysis.

Dogecoin Price Prediction

Compared to its price 1 year ago, Dogecoin’s price is up almost 3x. This means if the crypto market will bounce back from the slight slump and continue rallying through 2022 as expected by many experts, then there is no doubt Doge will probably cross the $1 mark. Thanks to increased recognition of crypto as an alternative investment option and an ideal means for transacting, the crypto market is expected to continue its steady growth. This should positively influence the price of top projects such as Dogecoin.

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