Dogecoin (DOGE) is making news again, as analysts forecast a price increase. Following Trump’s recent election victory, the cryptocurrency has enjoyed a phenomenal 157% weekly increase, fuelled by increased speculation about the roles of Elon Musk and Trump in the incoming administration.
Dogecoin On A Tear
A number of cryptocurrencies, including Dogecoin, have experienced significant price gains as a result of Bitcoin’s recent rise to more than $88,000,000. This recently discovered interest in the cryptocurrency that was inspired by memes has given rise to conjecture regarding its future as well as price projections for the months or years to come regarding its value.
Price Forecast For 2024
There is a wide range of forecasts regarding the value of Dogecoin for this year by various analysts. The conservative estimate ranges between $0.078 and $0.106, while the optimistic one goes to $0.45. Based on analysis, its value is anticipated to be $0.1194 and $0.1443 for the year. Again, the fluctuations are induced by market sentiments and other external causes.
It’s interesting to note that the link between Dogecoin and Bitcoin is still strong, with a score of 0.92. What this means is that DOGE tends to go up or down with Bitcoin. According to analysts, this connection could be a double-edged sword. If Bitcoin goes down, Dogecoin might not be safe.
Market Sentiment And Investor Interest
The current market sentiment for Dogecoin is bullish, with a Fear & Greed Index score of 69, reflecting investor greed. DOGE has spent 19 of the last 30 days in the green, demonstrating its current rising trend. Dogecoin is also gaining popularity among retail investors, who are driven to the cryptocurrency field by its meme culture and community support.
Meanwhile, according to an analyst, traders should expect massive upward swings followed by large pullbacks, continuing into 2025. A significant increase in volume should also drive the price higher.
$DOGE $10+ DOGECOIN?!
Anyone who has followed me for a while knows that the Inverse Head and Shoulders pattern is my favorite trading setup of my trading career. In every single cycle, #DOGECOIN has formed this pattern before going on a massive rally.
-1st cycle went up… pic.twitter.com/40myJfxXoo
— Ðima James Potts (@DimaPotts36) November 10, 2024
Despite this upbeat forecast, some analysts warn against having unrealistic expectations. While Dogecoin is expected to make significant gains, it may also see corrections along the road. One projection predicts a 12% reduction by December 2024.
The Broader Crypto Landscape
The broader cryptocurrency market is recovering, which began in 2023, owing primarily to Bitcoin’s revival. As Bitcoin continues to reach new highs, altcoins like Dogecoin frequently profit from the enthusiasm. However, experts advise that investors trying to diversify their portfolios should not rely solely on Bitcoin’s performance.
Although Dogecoin is likely to appreciate in value significantly in 2024 and afterward — especially since the coin has recently gone up by 150% — investors should be careful because the market for cryptocurrencies is volatile. It is believed that the relationship between Bitcoin and Dogecoin will remain a factor on DOGE’s movement over the next few months. As usual, potential investors should do their own homework and examine market conditions before investing any funds.
Featured image from Techpoint Africa, chart from TradingView
Source: NewsBTC