Dogecoin is currently trading at the $0.16 mark and is up more than 10% in the charts on Friday. The leading meme currency doubled in price in the last 30 days as it spiked 107% between February to March. However, DOGE dipped this week and shed most of its profits before reclaiming the lost turf today. DOGE is now delivering profits on and off with no firm and steady position in the indices. Read here to know when Dogecoin is forecasted to climb above its all-time high of $0.73.
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Now that Dogecoin already doubled in price by jumping more than 100%, will the meme-coin repeat the feat? Or has the boat sailed and will DOGE head back in price leading to losses? In this article, we will highlight whether investing in Dogecoin is a good idea or not.
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Dogecoin: Should You Invest in DOGE Now?
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for Dogecoin in March 2024. According to the price forecast, DOGE might not replicate its last week’s success of doubling in price again. The boat to garner profits might have sailed and new investors might not reap the profits.
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The forecast suggests that Dogecoin’s price could head south this March and plummet double digits in the next few weeks. The downward trajectory could begin in mid-March and continue slipping in price till the month’s end. The price estimate suggests that DOGE could go as low as 14% and reach the $0.13 level next.
The least Dogecoin could reach by this month’s end is $0.134458, a downturn of approximately 14% from its current price. Therefore, it is advised to do thorough research before taking an entry position into DOGE this month. Indicators suggest it has more downside in the coming weeks than upside in the charts.