Dogecoin Price Prediction — Will DOGE Hit $0.5 Soon?

Dogecoin Price Prediction 2021 - Will DOGE Hit $1 Soon?
  • Bullish DOGE price prediction is $0.3 to $0.44.
  • The DOGE price will also reach $0.5 soon.
  • DOGE bearish market price prediction for 2021 is $0.15.

In Dogecoin (DOGE) price prediction 2021, we use statistics, price patterns, RSI, RVOL, and much other information about DOGE to analyze the future movement of the cryptocurrency.

Dogecoin Current Market Status

According to coingecko, the price of DOGE is $0.2628 with a 24-hour trading volume of $1,526,292,962 at the time of writing. However, DOGE has increased to 0.1% in the last 24 hours.

Moreover, DOGE has a circulating supply of 132,113,581,229 DOGE. Currently, DOGE trades in cryptocurrency exchanges such as Binance, Mandala Exchange, OKEx, CoinTiger, and FTX.

What is Dogecoin (DOGE)?

Dogecoin is a crypto created on December 6, 2013 based on the popular “Doge” Internet meme, and has its logo Shiba Inu. The codebase of the program is Litecoin’s fork, which inherits a similar hash hashing algorithm, the only difference being branding and large inflation distribution.

It was introduced as the “joke currency”, Dogecoin quickly formed its own online community, reaching US $60 million in capital in January 2014. Dogecoin was developed by Billy Marcus of Portland, Oregon and Jackson Palmer of Sydney, Australia. Dogecoin is primarily used as a tipping system on Reddit and Twitter, where users refer to each other to create or share good content.

Dogecoin (DOGE) Price Prediction 2021

Dogecoin holds the 9th position on CoinGecko right now. DOGE price prediction 2021 explained below with a daily time frame.

DOGE/USDT Triangle Pattern (Source: Tradingview)

A triangle pattern has a diagonal fall upward trend and a diagonally rising downward trend. When the price moves towards the peak, it will inevitably cross the peak and the price will rise or break the low trendline and create price reduction and fall.

Currently, DOGE is at $0.26. If the pattern continues, the price of DOGE might reach the resistance level to $0.3553 and $0.4438. If the trend reverses, then the price of DOGE may fall to $0.1595.

Dogecoin (DOGE) Support and Resistance Level

The below chart shows the support and resistance level of DOGE.


DOGE/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of DOGE.

Resistance Level 1$0.3050
Resistance Level 2$0.3553
Resistance Level 3$0.4438
Resistance Level 4$0.5611
Support Level 1$0.2344
Support Level 2$0.19

The charts show that DOGE has performed a bullish trend over the past month. If this trend continues, DOGE might run along with the bulls overtaking its resistance level at $0.5611.

Accordingly, if the investors turn against the crypto, the price of the DOGE might plummet to almost $0.19, a bearish signal.

Dogecoin Price Prediction 2021 — RVOL, MA, and RSI

The Relative Volume (RVOL) of DOGE is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. From the start of November to till at the time of writing, RVOL of DOGE lies below the cutoff line, indicating weaker participants in the current trend.

DOGE/USDT RVOL, MA, RSI (Source: TradingView)

More so, the DOGE’s Moving Average (MA) is shown in the chart above. Currently, DOGE is in a bullish state. Notably, the DOGE price lies above 50 MA (short-term), so it is completely in an upward trend. Therefore, there is a possibility of a reversal trend of DOGE at any time.

Meanwhile, the relative strength index (RSI) of the DOGE is at level 51.61. This means that DOGE is neither an overbought nor oversold state. However, this means a major price reversal of DOGE may occur in the upcoming days.

Dogecoin Price Prediction 2021 — ADX, RVI

Let us now look at Dogecoin’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System which was developed by Welles Wilder. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

DOGE/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Dogecoin. Currently, DOGE lies in the range at 11.1184, so it indicates a weak trend.

From the above chart, the Relative Volatility Index (RVI) of DOGE. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of DOGE lies below the 50 level, indicating that the direction of volatility is low. In fact, DOGE’s RSI is at the 51.61 level thus confirming a potential either buy or sell signal.

Comparison of DOGE with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum and Dogecoin.

BTC Vs ETH Vs DOGE Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH, BTC and DOGE is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and DOGE also increases or decreases respectively.

Conclusion

With continuous improvements in the Dogecoin network, we can say that 2021 is a good year for DOGE. For this reason, the bullish price prediction of Dogecoin in 2021 is $0.44. On the other hand,  the bearish DOGE price prediction for 2021 is $0.15.

Furthermore, with the advancements and upgrades on the DOGE ecosystem, the performance of DOGE would rise reaching $0.35 very soon. But, it might also reach $0.5 if the investors believe that DOGE is a good investment in 2021.

FAQ

What is Dogecoin?

Dogecoin (DOGE) is a peer-to-peer, open source crypto. Launched in December 2013, Dogecoin features a logo of Shiba Inu as its dog.

Where can you purchase DOGE?

DOGE has listed on many crypto exchanges which include Binance, Mandala Exchange, OKEx, CoinTiger, and FTX.

Will DOGE reach a new ATH soon?

With the ongoing developments and upgrades within the DOGE platform, it has a high possibility of reaching its ATH soon.

What is the current all-time high (ATH) of Dogecoin?

On May 08, 2021, DOGE reached its new all-time high (ATH) of $0.73.

Is DOGE a good investment in 2021?

Dogecoin (DOGE) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of DOGE in the past few months, DOGE is considered a good investment in 2021.

Can Dogecoin (DOGE) reach $0.5?

Dogecoin (DOGE) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Dogecoin (DOGE) will hit $0.5 soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.