Dogecoin Price Prediction - One Last Dip For Elon Musk's Favorite Crypto Then $1
Dogecoin has been the benchmark memecoin crypto for a decade now, and it remains the biggest in its category. Dubbed Elon Musk’s favorite crypto, it is on the watchlist, if not in the wallets, of thousands of investors worldwide.
Dogecoin had been moving sideways for a long duration until its recent movements started showing an increase in investor engagement, leading several analysts and the community to speculate that this season may witness the token pumping and crossing the $1 mark.
Dogecoin’s Latest Dip And Price Movement
Since its last pump, Dogecoin had been stagnant in terms of price and only started seeing major movements since the start of 2024. In February, the token saw a major increase in the influx of investments, moving from the $0.090 range directly to the $0.19 level in April. Since hitting this point, the token corrected back down to the $0.13 range.
However, this correction or dip is speculated by many to be the last for Dogecoin, with the next reversal set to take it to the $1 mark. Several analysts have drawn charts to show the most anticipated and likely movement for Dogecoin, with the majority indicating a wave that may lead to the $1 target.
$DOGE to a dollar (after this) pic.twitter.com/oCTIxCqINm
— K A L E O (@CryptoKaleo) July 25, 2024
CryptoKaleo, a popular analyst, tweeted his analysis of Dogecoin's current price, suggesting that its current momentum could continue upward, citing historical movements and other indicators.
At the time of writing, DOGE has a total market cap of more than $18 billion, priced at $0.127 per token. If it manages to climb to the $1 level, then Dogecoin would be worth about $145 billion, which is more than the current market cap of Tether, the third biggest crypto and the biggest stablecoin in the space right now.
While this figure may seem unrealistic right now, it should be noted that DOGE has already recorded an all-time high of $0.57 in the past, meaning a bigger pump now could easily result in its valuation reaching or even exceeding the mentioned levels.
Dogecoin Price Prediction
2024 - Q3
In May, tech billionaire Elon Musk, the self-proclaimed “Dogefather,” allowed payments in DOGE tokens again for his company Tesla. This news had already helped the price of DOGE shoot up at the time. Any similar announcements from him or other popular figures in the space could significantly help the price of DOGE to increase.
$DOGE At important level.
— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) July 25, 2024
Bounced almost always significant back around that 0.12 zone
Longterm very bullish on elon token. pic.twitter.com/EmY4lax0xB
From a technical standpoint, the likelihood of the project seeing a meteoric rise cannot be overlooked. CryptoWizardd, another popular crypto analyst, also stated that the $0.12 zone was a very significant level for the token. Every time DOGE reaches this level, there has been a subsequent price increase, making it a very strong support level. If Dogecoin manages to make a strong reversal from this area, it may be possible to see the token move up at a steady pace in the current quarter.
2024 - Q4
On the daily timeframe, the current RSI of DOGE sits at a comfortable 54, which means that the token is still not in the overbought zone. If there is a breakout from the current price level by the end of the ongoing quarter, we could see DOGE trading in the $0.17 range.
In this case, by the end of the year, with favorable market conditions and the Dogecoin community becoming active again, it may not be surprising for the token to inch towards its next big resistance level. This level, given its recent high in April will be $0.22, which can easily be attained by the end of the year. However, if market conditions do not remain stable, a move down may also be anticipated.
2025
Many within the crypto community strongly believe that a crypto bull market may be on the way. Typically, these last for a couple of months, with the memecoins category being among the last to pump. If this prediction holds true, then with an upcoming bull market, the chances of Dogecoin pumping significantly may be very strong in 2025.
Coupled with potential tweets from Elon Musk or other developments like DOGE being adopted by companies for payments, the crypto may be able to rise even more. By the end of 2025, it may be possible for DOGE to have broken its current ATH and be trading within the $1 range.
Small Cap Memecoin Presale With a Doge-Themed Concept - Base Dawgz
Surely, Dogecoin is among the safest memecoins to buy right now, with a strong possibility for growth. However, it is important to realize that with a market cap exceeding $18 billion already, there needs to be a significant inflow of funds for the crypto to move and be profitable as it once was.
This is where projects like Base Dawgz could be great alternatives. Currently in its presale stage, it is a small cap project, which means that while relatively riskier, it could also be much more profitable than Dogecoin due to its size.
Base Dawgz has quickly become a favorite in the memecoin community, amassing a sizable online following just days after its introduction. Built on the Base chain, it offers a multi-chain experience, including networks like Ethereum, Solana, Binance Smart Chain, and Avalanche, utilizing technologies like Wormhole and Portal Bridge for seamless interoperability.
Today Trader, an up-and-coming YouTuber, recently highlighted Base Dawgz in a video, suggesting that the token may be a more profitable investment than Dogecoin due to its innovative features and growing community.
The project's unique aesthetic, featuring a Shiba Inu mascot in skydiving gear and a Top Gun-inspired logo, has attracted many enthusiasts. Investors can earn the native token, DAWGZ, through staking for impressive APY rates or by creating and sharing memes about the project on social media.
To learn more about the project and its developments, one may follow its official social media channels on Telegram and Twitter.
Comments
Post a Comment