Dogecoin has recently gained some serious traction because of the shilling of a popular Reddit group named WallStreetBets and Elon Musk‘s tweets. The coin has seen multiple new all-time highs during multiple massive pumps this year. At the peak of its rally, the coin’s market cap shot up so high that it managed to break into the top ten biggest cryptocurrencies in terms of market capitalization. Crazy, right?
With all the recently developed events, checking out Dogecoin price prediction is a given since many are now seriously thinking of investing in it. Here is a set of Dogecoin price predictions for 2021 from top websites and how you can buy Dogecoin in India for your trading convenience.
But first, what is Dogecoin (DOGE)?
Dogecoin was developed in 2013 as a “hobby project” by IBM engineer Billy Markus and Adobe engineer Jackson Palmer as a new decentralized payment alternative for Bitcoin. Inspired by the “Doge” meme, the Doge founders decided to go with the Japanese breed of “Shiba Inu “as their coin mascot. This kind of branding has developed a fun community over social media. Most of them have been DOGE holders holding the coin for years.
Also known as “meme coin,” Dogecoin never got much attention when compared to coins like Ethereum (ETH) and Litecoin (LTC), but the recent series of tweets by Elon Musk has changed the way the world looks at Dogecoin.
With CZ (CEO of Binance) shilling Doge and Elon Musk virtually doing the PR for the coin, Dogecoin has recently seen a massive increase in user volumes. This takes us to some of the most famous Dogecoin price predictions for 2021 and how to buy Dogecoin in India.
What primarily affects Dogecoin’s price?
Most of the price analyses of cryptocurrencies are based on Technical Analysis (TA), and so is most of the price prediction below. The technical analysis says that it is making a massive bull flag in higher time frames (more than four hours).
Dogecoin is shilled and backed by many celebrities like Snoop Dogg, Mia Khalifa, and Gene Simmons. Every time Elon Musk tweets something positive about Doge, it pumps hard.
Dogecoin Price Prediction 2021
Coinpedia: Bullish (US$1)
According to Coinpedia, DOGE will possibly cross its all-time high of US$0.8 and will hit US$1 this year. Coinpedia also says that it will again try to break into the top ten cryptocurrencies in terms of market capitalization, competing with other coins.
Cryptopolitan: Bullish (US$0.1)
Cryptopolitan believes that US$0.07 is a key resistance to the Dogecoin rally, according to their technical analyses on four-hour charts. They believe that once it breaks the key resistance, there would be a massive psychological resistance on US$0.1 and lower levels. Unlike Coinpedia, Cryptopolitan believes that it will take more than a year to reach US$1 levels.
WalletInvestor: Bullish (< US$0.7)
Even though Wallet investor is bullish about Dogecoin, it believes that it won’t cross the US$0.7 resistance and will bounce around US$0.4-US$7 levels throughout the year. Wallet investor’s prediction graph indicates that Dogecoin will continue to make a bull flag the whole year, and it will break out in the next couple of years.
More than the technical analysis, the sentimental analyses of Dogecoin are quite bullish about it. Elon musk tweets about Doge every time, the price action of the coin pumps to unbelievably high levels in smaller time frames. As long as he pushes the coin, there is no stopping to it.
How to buy Dogecoin in India?
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The price prediction is based on data collected from various sources. This is not an investment advice. Crypto investing is high risk activity, and User should do their own research, including obtaining appropriate professional advice before taking any investment decision.