Right now, dogecoin news is the trend on the internet. After all, this cryptocurrency experiences volatility like the others. But now, this has gone to a whole new level. In recent days, the value has doubled. But, if you don’t know what all the fuss is about, just keep reading!
The Sudden Rise
The dogecoin price was the highest on 8th February 2021. After a minor fall, the value of this cryptocurrency has started to retrace the trend. Right now, the current rise is near the previous high value. However, patience is necessary to understand its future behavior.
What 2021 Will Be For Dogecoin?
It is difficult to say exactly what will happen to the cryptocurrency. According to yahoo finance, this all started as a joke to make fun of crypto coins. But things changed when the growth of this coin took a serious path. Right now, this is in 10th position globally. To sum up, this saw a 21000% rise rate from the time it came out in 2013.
You can say that one of the biggest drivers for this cryptocurrency is the celebrities who use it. In addition, tweets from Elon Musk and Snoop’s altered album were a big help to the rise of Dogecoin.
SpaceX launching satellite Doge-1 to the moon next year— Elon Musk (@elonmusk) May 9, 2021
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
The Expected New High
This is what most people want to know about in Dogecoin news. You can expect this cryptocurrency to go strong from October to December of this year. Also, you can expect a huge increase in October and November. With more bulls join the bandwagon push, the value will see a new increase at the end of this year.
What About The Next Year?
As per the TradingBeasts prediction, the increase seen in 2021 will continue over in 2022. Consequently, you can expect the bullish movement to go on for the rest of the next year. As more investors are showing interest in this, you can expect the value to get higher in the future.
Technical Analysis Of The Trend
On charts, the dogecoin price movement is a combo of a ranging market and bullish candles. In the middle of February, this cryptocurrency showed a descending triangle. Then, its trend became stable. If this breaks the resistance, then you can expect a price rise.
In recent years, the cryptocurrency dogecoin has seen seismic growth. With the support of huge celebrities, you can have the confidence that this will only grow bigger and bigger. In short, only time can tell how big this can get.