Dogecoin Price Prediction: Popular Crypto Trader Predicts a 50% Increase – Time to buy?
Dogecoin is gaining popularity due to its low cost and potential for huge gains. A popular crypto trader recently predicted that Dogecoin would rise by 50% in the future. Some investors are now wondering if it is the right time to invest in Dogecoin.
This article will examine the market conditions for Dogecoin, and then analyze whether it is a good idea to invest in it.
Dogecoin (DOGE), which has experienced a significant increase in its value, is currently trading at $0.098. It reached an all-time record high of $0.099 yesterday, but it failed to maintain that level. However, it is bullish and still showing green at the moment.
Recent bullish sentiment in the crypto market has seen many cryptos like Dogecoin take advantage of this surge in optimism. Dogecoin’s value has seen a dramatic increase.
The value of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) has risen significantly, with each surpassing the $23,000 mark and $1,600 marks, respectively.
The US Federal Reserve has reduced the interest rate by 25 basis point, which has led to a dramatic increase in cryptocurrency’s value. This has created a favorable environment for digital assets, with a surge in buyers and investors in the crypto market.
Crypto Market on the Rise: Capitalize On Positive Momentum To Make Huge Gains
With many innovative developments in the crypto industry, it is always evolving. This has helped to increase cryptocurrency’s popularity. These innovations are key to the rapid growth of virtual currencies.
Notable is the fact that Dogecoin is currently the most traded cryptocurrency among all meme tokens and is also among the top 10 most traded cryptocurrencies by Binance Smart Chain’s big whales.
The US economic data released in the past is positive. This was seen as one factor that gave crypto investors confidence and contributed significantly to cryptocurrency’s rise.
Notably, the US economy created more than 500,000 jobs last month, which brought unemployment down to its lowest point in decades.
The number of jobs created in the USA in January 2020 was up by 517,000, which is a significant increase. This was almost three times the number of jobs created in December, and more than twice as many as the 185,000 estimate. Also, the unemployment rate dropped to 3.4% which is a 53 year low.
The UK is seeing a rise in interest in crypto
Eight key data indicators were examined to determine that London is the most ready city for startups and businesses to adopt cryptocurrency. We all know that cryptocurrency adoption requires crypto-friendly regulations as well as an infrastructure that allows the public to access the ecosystem.
London is the most cryptocurrency-ready global city for start-ups and enterprises if eight key variables such as taxation, ATMs and jobs are considered.
The UK is home to the highest proportion of people who work in cryptocurrencies-related industries of all cities. This indicates a greater public interest in the cryptocurrency ecosystem. This is another factor that could have an impact on cryptocurrency prices, including Dogecoin.
Why DOGE Adoption is Growing: The Benefits of Crypto’s Cutest Currency
Binance sent $300,000,000 worth Dogecoin to anonymous wallets recently. This is equivalent to $27.4 Million at current exchange rates. These transactions are a strong indicator that crypto whales may have been accumulating DOGE.
DOGE is also getting more recognition over time, as demonstrated by recent consumer votes for FCF Pay’s Blockchain payment processor to allow Dogecoin transactions through their virtual debit cards.
Elon Musk wins the SEC Case
Elon Musk, who was the most vocal supporter of Dogecoin in 2018, was found not guilty by a jury. After he claimed that he had obtained funding to take Tesla private, the Tesla CEO was accused by the regulator of violating federal securities law.
Elon Musk, however, thanked the jury for not finding him guilty in the Tesla 420 case. This was considered a positive that could have accelerated the rally in Dogecoin.
Dogecoin price
Dogecoin’s current price is $0.0958. It has a daily trading volume of more than $1 billion. It is currently the ninth largest cryptocurrency in terms of market capitalization and worth more than $12.7 million.
Technically, Dogecoin failed to surpass $0.983 as the double top resistance level. Candle closings below this level have led to selling.
Dogecoin’s current support is at $0.0902 and a drop below that level could cause DOGE to fall to $0.0850 or $0.0815.
If DOGE is above $0.0900, then we can expect a bullish rebound up to $0.0985 and $0.1020.
Dogecoin now available
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