Will DOGE Ever Be Valuable?

The Dogecoin price is still in a consolidation mode as investors ponder the next moves. DOGE is trading at $0.0610, which is in the same range it has been in the past few weeks. Its market cap is stuck at $7.88 billion while its ranking has continued to slip. It is now tbe 19th biggest digital currency in the world.

Will Dogecoin ever be valuable: This is a common question among investors. For one, the currency was started as a joke and is now worth more than $7.88 billion. In other words, it is bigger than companies like Box, Stitch Fix, and Jack in the Box. 

Yet, on-chain metrics show that few people use the currency for any transactions. Most notably, it is only valuable because of Elon Musk, who used to promote it two months ago. Worse,unlike Bitcoin that is now accumulated because of its store of value qualities, investors have not embraced DOGE. Therefore, in the long-term, there are limited chances that Dogecoin will become the digital currency that we all use.

However, we are now in a period of low-interest rates and there is a lot of money flying around. This means that the Dogecoin price could still remain at these elevated levels.

Dogecoin price prediction

As I have written before, the DOGE price has been struggling lately. It has struggled to move above its all-time high of $0.0878 and below the important support at $0.04130. That has seen the price remain at the short and longer-term moving averages. Volatility indicators like the Average True Range (ATR) and the Historic Volatility have all dropped. 

Therefore, in my view, this could be a calm before the storm. In the near term, the price could have a major breakout in either direction. So, watch out for the key support and resistance levels mentioned above.

Don’t miss a beat! Follow us on Telegram and Twitter.

DOGE price chart

More content

Read Full Article

Latest articles

One Ethereum Rival Primed for All-Time Highs As ETH Sets Up for Massive Breakout Against Bitcoin: Top Crypto Analyst

Widely followed crypto analyst Pentoshi says that an Ethereum rival is jostling for new all-time highs as ETH also looks ready to fly...

ServiceNow Teams up with Hedera to Leverage Blockchain Tech

I know what you’re thinking; blockchain is just a buzzword that’s been thrown around in the past few years. I’ll admit it has...

Two of the biggest cryptocurrencies in the crypto market are set to double in value this year, according to analysts

Ethereum and Bitcoin, two of the biggest cryptocurrencies in the market, are set to at least double their price before the end of...

Global Blockchain Distributed Ledger Market Outlook to 2026 with Profiles of Key Players, Including Accenture, AWS, Huawei Technologies, Intel, IBM, iXLedger, NTT DATA Corp,...

DUBLIN, November 26, 2021--(BUSINESS WIRE)--The "Blockchain Distributed Ledger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here