- Dogecoin Price Varying Between $0.31 and $0.32 Range
- A rise is expected very soon
- Positive sentiment in crypto markets pushing DOGE forward
The Dogecoin price has broken the psychologically significant $0.30 barrier some time ago and looks poised to make more gains. Buying interest seems to have reignited in the dog-themed cryptocurrency whilst the market continues with a positive trend.
At present, the Dogecoin price is in a consolidating trend after having peaked at a bi-monthly high of $0.336 on 16 August. DOGE has descended slightly since then but is just under the $0.32 level with strong support at the $0.30 level.
Although it has been a while since Elon Musk mentioned Dogecoin in one of his tweets, the canine themed meme crypto seems to have gained some form of acceptance amongst crypto enthusiasts. There also appear signs that institutional investors are backing DOGE.
If you haven’t yet bought some DOGE then take a look at this How To Buy Dogecoin Beginner’s Guide.
Short Term Prediction For Dogecoin Price: Consolidation Before The Next Leg Up
It appears that the Dogecoin price is currently consolidating between the $0.31 and $0.32 levels before preparing for the next big push upwards. However, a number of resistance levels are plotted on the way although the ascending trend since the July 20 low remains quite intact.
DOGE is up by around 110% from its July 20 low of $0.168 which is more than double its price. Although the ascent seemed to have stalled somewhat over the past few days, the ascending trend is still quite clear.
If a bullish thesis were to prevail, the Dogecoin price should begin to tag the $0.35 mark where it should find strong resistance. However, if that is overcome then the price could rise all the way to the $0.45 level which would mean a 25% increase from the current price. At present that does not look so likely though.
A bearish thesis would obviously invalidate this prediction. If that were to occur, the Dogecoin price would sink below the $0.30 level where it should find support at $0.27. If a sell-off occurs and this support level is broken, the Dogecoin price would continue descending and tag the $0.22 level which would practically erase all gains since the beginning of the month. This again looks like an unlikely scenario.
If you wish to buy some cryptocurrency or begin trading, then you should have a look at this list of Best Cryptocurrency Brokers.
Long Term Prediction For DOGE: More Upside As Confidence Increases
Although the Dogecoin price seems to have halted its immediate ascent at least for now, predictions remain quite bullish. A surge in the crypto market should pull DOGE up with it and the reaching of the $0.50 mark over the next few weeks should not be a distant possibility.
Analysts are also predicting that DOGE could reach the $1 mark by the end of the year, although that is quite optimistic. A return to its all-time high of $0.70 would seem to be more likely. That would still represent a 100% increase from the current price.
Where to Buy
If you want to purchase DOGE, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy Dogecoin is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
Looking to buy or trade Dogecoin now? Invest at eToro!
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Gerald Fenech
