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Dogecoin lost its cool after the floppy appearance of Elon Musk on the SNL show. Since then, prices failed to recover and crashed hard. This crash was also accelerated by the crash of the crypto market that started back towards the end of November 2021. Dogecoin price broke the important price of 10 cents, and got surpassed by other cryptocurrencies such as Solana and Binance USD. Will DOGE recover? Or will Doge crash and reach 5 cents?
Traditionally, investors seek to invest in problem-solving projects. Not only will those projects prosper in the long term, but also provide a steady cash flow thanks to stable prices and high payouts. For cryptocurrencies, current investors are seeking growth potentials in prices. If a certain cryptocurrency is not appreciating anymore, why buy it, especially if it does nothing in return?
It all started when Dogecoin was announced, a cute dog as a cryptocurrency mascot. Everyone liked the idea and bought small amounts “just for the memes”. But when Elon Musk, the first public figure to back cryptocurrencies, decided to back it up and started to tweet about it regularly, prices started to shoot way high. The coin was initially stuck around USD 0.05. Thanks to Elon, the coin rose to its all-time high price of USD 0.70 with an incredible market capitalization of USD 89 Billion. However, the collapse of the crypto market and Elon’s lack of Doge Tweet took a toll on the cryptocurrency. Prices crashed back to reach a current price of USD 0.07.
If we look at the weekly chart of the Dogecoin price, we can see that the price has support once at around $0.05 and once at around $0.01. It is highly likely that Dogecoin’s price will hit the $0.05 support as historically speaking the bottom will not be reached until January 2023. However, if the $0.05 support fails, we expect the price to drop to around $0.01. That is where the next support is after $0.05 breaks. Since Elon Musk caused a massive increase, the course had no chance to form support or resistance. Because of this, supports are located far apart.
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Dogecoin has been around since December 2013. The coin never went underground and Dogecoin has been a household name to everyone in the crypto world. It is currently the most popular memecoin. In the last bull market, some memecoins exploded in value, such as Shiba Inu . However, no memecoin has survived as long as Dogecoin. Because of this, we expect other memecoins, such as Shiba Inu, to slowly disappear from the scene. Dogecoin, on the other hand, will always be a term for the crypto world in our opinion, which is why this coin will probably not go under for the time being. However, everything is possible in the crypto world. That’s why we remain on the lookout to see what happens to Doge.
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