Dogecoin dipped this week in tandem with the Bitcoin crash that wiped away billions in a span of two days. The meme-currency which celebrated its 8th birthday yesterday is now struggling to move above the $0.25 hurdle since May 2021. After touching an all time high of $0.73 on May 8, Doge is now down -75.59% from its ATH. Doge plunged the day Elon Musk appeared on Saturday Night Live (SNL) and didn’t claw back again.
Doge is trying to move past its $0.25 barrier and is eyeing gains of upto 25% in December 2021. The token has seen a rise in capital flow from high net worth individuals and is beginning to display bullish sentiments. Also, the buy orders recently overtook the sell orders signaling that a breakout could be around the corner.
Considering the market is displaying mixed signals, Doge could see another dip but that could be for a brief period. When the market picks up steam and Bitcoin moves up, Dogecoin, for the first time in seven months could see a spike of upto 25%.
The first barrier Dogecoin would break is the $0.19 mark and could shoot up 10% from there. Its second barrier would be met at $0.22 and could see a jump of between 10 to 15% from there. Overall, Doge could see an upswing of nearly 25% this month.
Nonetheless, Doge is expected to dip again after ascending close to 25% as investors would indulge in profit bookings. There is ample window to make short term gains this month through Dogecoin.
However, a failure to breakout from the $0.19 to $0.22 mark would spell trouble and could plunge again to $0.13. Investors are advised to be cautious between the $0.19 to $0.22 hurdles and pull out when there’s trouble in the market.
Dogecoin Price Rally
Elon Musk’s favourite meme-token Dogecoin was all the rage during the first half of 2021 and attracted many new investors. The coin became a sensation overnight and basked in the limelight of the news cycle around the world. However, its hype fizzled out during the second half of 2021 as it failed to spike in price.
The void was later filled by Shiba Inu which became an overnight superstar from September 2021 and delivered the desired outcomes. SHIB even flipped Doge in terms of market cap briefly during the last week of October. The two meme-tokens are at loggerheads to take the spotlight and command equal fanfare among the investors’ community.
At the time of publishing, Dogecoin was trading at $0.17 and is up 7.08% in the days trade. Its rival Shiba Inu was trading at $0.00003781 and is up +7.23% in the 24-hours day trade.