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- An analyst predicts that Dogecoin could make a slight surge to hit $0.065 by the end of December.
- Another crypto expert says that the overall market structure has not changed much as higher lows dominate.
Dogecoin (DOGE) is trading at $0.060566 after falling by 2 percent in the last seven days. The asset is down by 2.8 percent in the last 30 days and 3.7 percent in the last 90 days. This makes it one of the poorest-performing cryptos in 2023. In all three quarters of the year, the asset has produced a negative return on investments.
According to on-chain metrics and price prediction firm Changelly, Dogecoin could turn things around by the end of December, surging from the current level to hit $0.065. While this may be a marginally positive gain for investors who purchased at the current price, it could be a disappointing move compared to the price run between 2020 and mid-2021. The 11 percent profit could be eroded by the commission on exchanges and the gas fees on decentralized exchanges. Many believe that the meme coin may not return to its past glory. In 2021, the asset surged by 23,000 percent triggered by Tesla’s Elon Musk’s series of supportive tweets. The asset is currently 91 percent down from its all-time high of $0.731578.
More Analysis on Dogecoin
In the long term, a $0.01 trading price is a realistic prediction for the meme coin. Many industry analysts and enthusiasts believe that the asset could go all the way to $1. In this case, the market cap would have to surge to $148 Billion. For this to happen, the asset would have to come back to life with increasing hype and popularity. Meme coins basically have no technical breakthroughs. They mostly thrive on speculation.
Another factor to trigger a bull run is a considerable decrease in supply. According to a report, over 5 billion DOGEs are created every year through mining. This affects the potential to record significant growth. Experts believe that increasing mining difficulties or reducing mining rewards could cause a price surge. Finally, the possibility of Doge hitting $1 could depend on the pace of growth of the overall crypto market. Based on price history, crossing the $0.73 all-time high could be easier when the crypto market cap hits a trillion dollars. The success of Bitcoin and Ethereum would equally drive interest due to their market dominance.
Pepe has Upside Potential
According to crypto analyst Altcoin Sherpa, Dogecoin’s rival, Pepe, also has an upside potential.
PEPE: nice move today, I didn’t really see this one coming. The volume profile shows three significant resistance areas, with the first one getting broken now. I highly doubt this is a full reversal, but a bit more upside may be in store. Would be cautious with this one overall.
The analysis also disclosed that the overall market structure has not changed much.
We’re still either forming some sort of weird higher low OR consolidating for the next leg down. The cluster of one-day EMAs all acting as resistance for now, but no clear change.
