Dogecoin suffered losses in the market with the recent crash. But his problems didn’t just start with a meltdown. Digital assets have grown and got most of their value from the hype around them. It mainly originates in shillings from notable personalities such as Elon Musk. This brought investors, old and new alike, to the asset, which managed to grow more than 21,000% to reach an all-time high of $0.73.
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This was followed by several incidents that shook the assets. Mostly, starting with the market crash in May, Dogecoin has struggled to maintain its high prices. Investors dumping their bags to take advantage of the gains led to a further drop in the asset’s price. Resulting in a loss of more than 60% of its all-time high value. However, investors remain optimistic about the currency’s long-term potential.
Establish end-of-year forecasts
Crypto Godfather is a well-known crypto analyst on Twitter. With a follower base of 75,000 followers, the analyst has some traction in the space. at recent days , An anonymous trader and analyst took to Twitter to share their thoughts on where the major cryptocurrencies will be on the market by the end of the year. Forecasts ranged from top coins such as Bitcoin and Ethereum. All the way to lesser known tokens like FTT and RAY.
Related reading | The Dogecoin Foundation explains its relationship with Dogecoin 2.0
Starting at the top, the crypto analyst put Bitcoin at $80,000 by the end of the year, while Ethereum put it at $10,000. It represents at least 200% growth in the second highest ranked cryptocurrency. Cardano (ADA) was put at a conservative $4 by the end of the year by the analyst. With the original Binance token, BNB expected it to reach $1,200. Again, an expected increase of more than 200%.
For Doge, Crypto Godfather has set the price of the asset by the end of 2021 at $0.50. This was more on the conservative side of the coin, as it only expected a 100% increase. For an icon that is very prone to erratic movements, this erred more on the cautious side. Other predictions included SOL at $600, XRP at $2.8, FTT at $300, LINK at $100, SRM at $120, and RAY at $50.
Dogecoin recovers from flash crash
The flash crash on September 7 caused Dogecoin to suffer. Bullish corrections were seen just as quickly as the crash. Unfortunately, it is not at the same level as the accident that happened. Dogecoin was trending towards $0.3 before that. A quick crash of 18% saw Doge push south at $0.2, threatening a breakout to new lows.
DOGE price resting above $0.24 | Source: DOGEUSD on TradingView.com
The Doji is now trading around $0.24, and is preparing for another retest of the $0.25 resistance. After it found its foothold and consolidated above $0.23. The next retest is likely to push the altcoin towards another rally, closer to a $0.3 retracement.
Featured image from Tori4Town, chart from TradingView.com
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