Dogecoin crypto analysis in 2021 was the best year but also bad for Dogecoin. Because Doge this cryptocurrency formed an all-time high this year, but then plunged very deeply this year as well.
At the beginning of May 2021, the highest price of Dogecoin was $0.70006, but not long after, the price dropped again in about 20 July to $0.16967.
Although one of the founders of Dogecoin Jackson Palmer is no longer involved in the crypto world, Dogecoin is one of the cryptocurrencies with a market capitalization of more than $634 billion.
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A glance at Dogecoin
Dogecoin’s founders were software engineers, namely Billy Marcus and Jackson Palmer in 2013. Dogecoin uses the Shiba Inu dog face start from the “Doge” meme as its logo and namesake.
Dogecoin creates fun hype surrounding bitcoin and various other cryptocurrencies at the time. Marcus on Reddit and in several interviews with the media. Talking that the Dogecoin was created in a matter of hours as a joke.
Despite the jokes, they decided to create a payment system that was free from traditional banking fees. Dogecoin is a peer-to-peer digital currency that can reach many people wider than bitcoin.
Dogecoin analysis 2021
As per the DOGE price chart and Dogecoin price analysis. Dogecoin has greater capabilities and may compete with other similar cryptocurrencies in 2021.
Dogecoin successfully continued major integrations and partnerships and climbed the ranking ladder. This can increase the user adoption rate. Experts predict DOGECoin will reach USD 0.10000 in 2021 amid the bearish trend that is currently dominating in July.
Even though DOGE received support from Elon Musk, it had made the price of Dogecoin soar to an all-time high.
But on the other hand, many central banks around the world are increasing standard regulations for cryptocurrencies in 2021. One of the countries that is a leader in cryptocurrency is China.
China’s central bank (PBOC) has called for the closure of companies that provide software services for virtual currency transactions.
China has completely banned crypto mining in its country, and this has impacted the Dogecoin price as well. Another negative news is that the biggest exchanges like Binance are under attack in the UK and Japan about licensing.
The bad news has pushed the price of Dogecoin down gradually. The current price is $0.19419, and it is still possible to correct lower again.
But the law of the market is often repeated, when the price of an asset is deemed too low, this will encourage investors to buy the asset at a really cheap price. This investor’s action can trigger an increase in asset prices. Smart investors often buy assets at low prices in bulk. Here predicted the lowest possible price is $0.1000000.
Dogecoin live chart Tradingview
Dogecoin chain analysis
Referring to statistical data from Cryptorank.io, Dogecoin on-chain analysis shows the highest transaction value in January 2014 with 3,513,381. February fell to 2,199,544. After that, the calculated transaction does not exceed your 1,500,000.
The lowest transaction value was in November 2016 at 247,383. The number of transactions gradually increased and reached the highest number in August 2021 with 1,714,166. The transaction value then fell again and reached a low peak in July 2021 at 499,487.
While information about fees, according to cryptorank.io, the highest fee was in October 2014 with 20,429,804,437. November 2014 fell to 978,288,932.
After that, the fee value has never crossed the 5,000,000 marks until now in July 2021 the fee is at 1,070,161,516.
Dogecoin price ticker
Dogecoin fundamental analysis
Dogecoin differs from Bitcoin in terms of the maximum number of coins. If Bitcoin is created only a maximum of 21 million and no more additions after being mined. But Dogecoin is made unlimited, there is no maximum supply, and currently, there is a 130.57 billion circulating supply.
Fundamentals of Dogecoin and other cryptocurrencies are difficult to assess and are still debatable. What can be known is what caused the price of Dogecoin to skyrocket to almost 10,000%. Elon Musk is the “mastermind” behind the rise of Dogecoin, and arguably other cryptocurrencies.
Elon musk’s tweet makes Bitcoin became skyrocket in price. This happened after his electric car company Tesla invested heavily in bitcoin. In addition, Tesla also accepts payments using bitcoin.
Elon Musk used a different way to make the price of Dogecoin skyrocket. Again Musk wrote dogecoin on his personal Twitter account on February 4. Suddenly the price of Dogecoin shot up to 50%.
Dogecoin Fundamental analysis Coincheckup
Coincheckup rates Dogecoin based on several categories related to Dogecoin’s internal fundamentals. The result is :
- Open communication channels 100%.
- Activity on social media 0%.
- Team Strength 63%.
- Advisory board strength 0%.
- Brand awareness/buzz 140%.
- Coin strength 79%.
- GitHub 40%.
This information may no longer be relevant today because it is an analysis since 2018, so reading the latest news is important to monitor developments.
Dogecoin expert analysis
This Dogecoin by some experts is likened to the Gamestop stock whose price rose sharply due to the Wallstreetbets Reddit community. The rising price of Dogecoin reflects the large market demand for this cryptocurrency.
Several experts say about Dogecoin. Citing from Business insiders, some experts like:
Richard Smith, an investment and risk expert
“Dogecoin is a lightweight and authentic community. Built on a serious cryptocurrency infrastructure. It fills a niche that BTC and ETH don’t have. Its lightness also makes it perfect for sending a message to financial institutions today. Which is by no means light. That financial institutions are disappointed. The better.”
Thomas Perfumo from Kraken
“The overarching narrative behind this year’s. 30x coin run is a protest against systemic injustices. In the traditional financial industry. Dogecoin, however, is the original ‘meme asset’. It is an extension of value that cryptocurrencies derive from a vibrant. And growing community that creates a network effect.”
Ben Weiss, CEO at CoinFlip
“Many people view Doge as the ‘people’s cryptocurrency’ because it was made as a joke. Big players and companies are unlikely to buy and manipulate the market or understand that it can be a viable currency. Elon has echoed this sentiment. These factors have created perfect storm for the Doge, pumping prices up to where they are now.”
Jason Lau, the chief operating officer at OKCoin
“While Coinbase’s listing drew attention to crypto as a whole. For DOGE, it was the combination of Elon Musk’s tweets. As well as WallStreetBets’ recent interest in crypto that really started this rally.”
Eric Berman, at Thomson Reuters Practical Law.
Dogecoin is gaining traction because “it’s still relatively cheap and people who might feel like losing Bitcoin profits think that maybe this is their chance.”
Maria Stankevich, EXMO UK.
“I’m pretty sure that there is no real backdrop for Dogecoin’s current phase of growth. The current exchange rate is tied to the general mood of investors in the crypto market and is a kind of indicator of the emotional state of market participants, reflecting their expectations.
Roshun Patel a vice president prime broker Genesis
“This is a testament to how far narrative. Memetic themes and flows push the market rather than fundamentals. In the old paradigm. The value of fundamentals would provide a magnet for prices to attract. In the new paradigm. It’s all about flow – order books, buyers and sellers.”
David Kimberley, an analyst of Freetrade
“The recent increase in the price of Dogecoin doesn’t show the significant value that cryptocurrency offers, it’s just a surge in interest from people looking to get rich quick. Doge as a fun bet, but it’s not a good investment. And if you’re the only one left holding the coin when the market shrinks, you’ll probably regret taking the kick first.”
Michael Kamerman, CEO of the brokerage Skilling
“It’s moved by headlines. Tweets, celebrities, or corporate endorsements and while it may be looked down upon by ‘traditional’ investors. That’s what brings the masses to cryptocurrency. The masses understand the headlines. Tweets, and support and the masses are likely to mature as crypto enthusiasts. And started to appreciate this move for its more technical feel.”
Dogecoin data analysis
Dogecoin data analysis is an analysis method that refers to available data, in Python programming, it requires special skills to display data in real-time. By using a specific codebase, users can see the highest scores easily. It’s a tricky way for those who don’t understand python programming.
However, to obtain data about Dogecoin, one of them is by visiting the latest Dogecoin price on the Nasdaq. This is the easiest way to get up-to-date Dogecoin data.
Dogecoin news analysis
The value of Dogecoin is often affected by the news, one of the news that is often the reason for the market response is a tweet from Elon Musk about Doge.
This may be a bit like manipulation, but when Elon gives support to Doge, many of his followers or investors buy Doge and cause the price to go up.
While the bad news of the crypto world also has an overall effect on crypto assets in general. Bad news like illegal crypto mining, China’s ban on cryptocurrencies. Crypto regulations are still floating in some countries. All of this news can affect the behavior of Doge’s investors.
Careful investors often combine technical analysis data concerning fundamental news, to chart the best price.
Dogecoin analysis future
No one knows for sure the future of Dogecoin, but investors need to consider several important things before deciding to invest in Doge.
Beware it’s just a bubble
There is nothing wrong with the trend that is on the rise. The price, which can rise quickly. It to deserve suspicion.
Make sure you’re sure it’s not just a bubble. The meaning of the bubble is that its value is speculative.
This value occurs if the price is very high in the market. The thing to realize is, the value of Dogecoin will not always go up. Like other financial instruments. Its value can go down if there is market sentiment.
FOMO or Fear of Missing Out aka just following the trend is the next thing you should avoid.
If you want to buy Dogecoin, make sure you buy it because you already know the reason, not because follow other people.
It is very risky if you invest simply because you are following other people. But do not know the fundamental value.
The value of Dogecoin is uncertain
The next thing you should realize is that the true value of Dogecoin is uncertain. The increase is not necessarily the actual value or only speculative.
Bruce Mizrach a professor of economics from the Rutgers School of Arts and Sciences talking that understanding the fundamental value of digital assets is not easy. It is very complex.
Dogecoin analysis prediction
The price of Dogecoin at the time of writing is $0.1952, here we will summarize some Doge price predictions from several forecasting sites:
- FXleaders predicts the price of Doge in 2021 will be between $0.09-$0.11, next year or 2022 will be between $0.20-$0.30 and the forecast for the next three years will reach $0.65-$0.75.
- Cryptnewsz predicts Doge could hit $1 by the end of 2021 and possibly hit a maximum price of $1.07 and a low of $0.91.
- Wallet Investor predicts Doge will reach $.0380 next year and reach $1,177 next year.
- Digitalcoinprice predicts that the price of Doge will increase gradually from year to year, 2021 the price is $0.2943060362, 2022 the price is $0.3596652180, 2023 the price is $0.4225964178, 2024 the price is $0.5176883803, 2025 the price is $0.5823026050, 2026 the price is $0.7048804203, 2024 the price is $0.69461926, and 2028 the price is $0.9089738115.
In this analysis on July 25, 2021, the price still allows movement at a high of $0.21000 as resistance and $0.18000 as a support area.
The price is currently in the middle band, with the RSI indicator at the level of 52.94, with the line pointing downwards, meaning that the trend is up but under downward pressure.
The upper band here becomes the first resistance zone and the lower band serves as the first support zone.
Even though the price broke through the Bollinger band line. It was temporary and back to the price range.
Trading volume seems to be still quite low and forms a daily candle pattern with a small body. The current price is in a low range and allows investors to get a low price.
Short-term trading takes advantage of the momentum of movement in the high to low range on the H1 timeframe, it uses the Bollinger band line as a simple reference.
By paying attention to the reversal pattern as a confirmation signal to minimize risk.
Dogecoin is one of the cryptocurrencies that has been on many popular exchanges. This can be a reason for the Doge’s prospects in the future.
Adoption of the use of Doge has also penetrated several companies, making it possible that the price of Doge will shine again.
Even though the price is currently dropping. Elon Musk supports also giving positive sentiment to the market.
Note, forex and crypto trading is a risky business, this article is not investment advice, each investor is responsible for their funds.
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