Dogecoin Price Analysis And Prediction: DOGE Down By 4% Today - Tuesday, October 23rd
Dogecoin Price Analysis And Prediction, Down By 4% Today
Dogecoin has not had the easiest time in the market. The coin has been largely described as unpredictable. Bouncing up and down ever since it went mainstream and became a popular choice among traders.
Dogecoin, at the beginning of its life in the market, was trading around $0.0002. The prices did not see any significant change until the crypto boom of 2017 when the coin surged from $0.0003 to end the year around $0.008. At the beginning of 2018, the coin hit its all-time high of $0.017. What had started out just a few years ago as a joke- a dog meme, had now become a modern payment gateway worth over $1 billion.
In recent months, both its price and market cap has been sliced apart. At the time of writing this, Dogecoin’s price is hovering around $0.004381 and its market cap is just little over half a billion dollars, less than half of what it was when the coin was at its all-time high.
Recent Analysis And Prediction
The last three months have seen the coin show great promise and then slowly go bearish.
At the end of August, the coin began surging climbing from $0.002 to $0.006 by September 06. A price correction saw the coin settle around $0.005 where it traded for a couple of days. By mid-September, the coin had again surged to $0.006, where it kept finding resistance.
The bulls remained adamant and all the way to the beginning of October were trading around $0.005. The October 11 bears saw the coin shortly dip below this level, but the bulls quickly recovered.
However, the second month of October has not been kind and Dogecoin has been losing its ground.
From October 16, Dogecoin has dropped from a little over $0.005 to what is now $0.004381. In the last 24 hours alone, Dogecoin has dropped by 4%. Many are still expecting the bulls to recover prices and insist that the recent drops are as a result of a general market dip. However, many remain unconvinced and are starting to think the last couple of weeks have been as a result of a pump.
DOGE/USD Price Chart, Tuesday October 23rd:
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