Dogecoin Price Forecast Next 30 Days – Buy DOGE Before It Rises
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Meme cryptocurrencies have risen from the fringes of the crypto space to occupy top spots in the emerging crypto market. Dogecoin (DOGE) is one of the most popular, and the coin’s impressive 2021 has driven many investors to buy DOGE.
This article covers the token’s growing use case and adoption and why you should buy DOGE now before it rises.
Dogecoin Sees Remarkable Adoption In 2021
Dogecoin is built on Litecoin’s Scrypt programming language. It is a fork of Litecoin and, by extension, a fork of Bitcoin.
It uses the first consensus protocol like Bitcoin – the proof-of-work (PoW) mining algorithm. The PoW model involves validators who compete to solve complex mathematical equations in exchange for block rewards.
However, Dogecoin uses less than a fraction of Bitcoin’s energy in validating transactions on its network. Dogecoin also verifies transactions faster than Bitcoin, making it prime for payment adoption.
There are over 1,300 companies that accept DOGE and over 15 top companies that support the joke currency. This list includes names like Newegg, EasyDNS, Dallas Mavericks, Kronos, SpaceX, Kessler Collection, Bots Inc., AirBaltic, and seven others.
The newest addition is Burger King Brazil which launched a new product line for dogs called ‘Dogepeppr.’ The franchise noted that customers could pay with DOGE in select outlets in the Latin American country.
Social Media Influence and ‘DogeFather’
The trio of high liquidity, a fixed number of tokens, and faster block finality has largely driven this decision. A less-talked-about factor is the popularity of Dogecoin on social media platforms like Twitter.
The meme-based cryptocurrency has become sort of a social media sensation in 2021. This popularity lent the cryptocurrency much credence and eventually saw Tesla and SpaceX boss Elon Musk enamored with the Shiba Inu (mascot for DOGE).
Musk has since self-styled himself the DogeFather and has left no stones unturned in recruiting others. Figures like Mark Cuban, Gene Simmons, and Snoop Dogg are DOGE advocates. The Tesla Chief has played a critical role in the success of the parody coin. He has frequently pitted Dogecoin against crypto bellwether Bitcoin, noting that the Shiba Inu was a more eco-friendly option.
Following his expected appearance on popular comedy show Saturday Night Live (SNL), the price of Dogecoin surged to a phenomenal $0.74, with many analysts pointing to a $1 valuation by the end of May.
Dogecoin correction update: -79% since the Musk SNL peak in May.$DOGE pic.twitter.com/qNVGxRumLS
— Charlie Bilello (@charliebilello) July 20, 2021
However, Dogecoin slumped 35% in the first hour and lost a further 10% after Musk made comments that DOGE was basically a ‘hustle.’ This saw DOGE close at $0.40 amid the brewing crypto mining clampdown by the Chinese authorities.
Dogecoin has matured ever since then with value-driven investors looking to buy dogecoin given its growing adoption.
DOGE: Struggling Against The Bearish Tide
The DOGE frenzy saw its market value shoot up overnight, and DOGE increased 15,000% in just five months, reaching an all-time high (ATH) of $0.74 in mid-May.
However, this price action could not be sustained, and DOGE crashed 45% in one night, dropping to $0.40. The bearish trend affecting the broader crypto market saw DOGE struggle much of June, and it has not been able to retest the 40 cents mark for a while now.
However, market analysts believe that Dogecoin is still on an upward trajectory. This is because DOGE is slowly expanding its use case with interplanetary company SpaceX receiving payment for its Falcon X rocket with the meme token.
This could see Dogecoin become the first crypto to facilitate interplanetary commerce. At press time, DOGE is trading at $0.2095, up 4.28% in the last 24 hours. This bullish market could serve as a great opportunity to buy DOGE at a bargain.
Meanwhile, market analysts believe that this bullish trend could carry into the new month. Looking at its historical precedence, this could end up being the case.
In August 2020, Dogecoin rose 23.41% despite market volatility. This year-to-year analysis shows that Dogecoin is set for phenomenal growth in the next 30 days. In August, the canine-themed cryptocurrency is expected to see more adoption, which will likely boost its price. It is expected to open at $0.21 and trade as high as $0.37 north of the $0.40 resistance line.
DOGE Technical And Fundamental Analysis
The dog-themed cryptocurrency is trading above the 20-day moving average (MA) support price of $0.19520, indicating a bullish trend. The relative strength index (RSI) has moved to 49.34 compared to yesterday’s 44.86, which means this might be a great time to buy DOGE and rise with the market.
The RSI also indicates that DOGE is above the oversold region and below the overbought level. Its long-term growth reflected by the 200-day MA is also green, with the digital token trading above the indicator at $0.18944.
Popular cryptocurrency merchant services provider BitPay also announced support for Dogecoin on its platform. Other crypto firms that have adopted DOGE include Bitcoin Automated Teller Machine (ATM) operator CoinFlip. Per reports from CoinFlip, DOGE will be accessible by customers in all its 2,000 crypto ATMs spread across the US.
Bitcoin ATM has grown in the last six months, with data showing that there are over 24,000 have been installed globally so far. Still wondering if you should buy DOGE now? Take that plunge now.
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