Dogecoin has seen a significant amount of price action this year, ups and downs. But mostly up, for a confluence of reasons. Primarily, the interest the “meme crypto” has garnered over the past couple of months from big money titans like Elon Musk, Mark Cuban and others. This caused massive panic buying, pushing the crypto up over 1000% in a short period of time. And, as with any parabolic pump, there is a consolidation period. However, we believe that period has ended, and dogecoin will likely continue to upward climb. For this reason, we think it is probably a good time to buy dogecoin, if you are not already in. Check out our dogecoin prediction below!
Elon Musk Is At It AGAIN
It can be argued that Elon Musk is the primary mover of the dogecoin cryptocurrency. It is a very fair argument considering the price has spiked multiple times instantly following a random tweet.
And guess what…
Elon is at it again!
Check out his latest tweets:
And don’t forget this most recent one:
I’m getting a Shiba Inu #resistanceisfutile— Elon Musk (@elonmusk) March 14, 2021
Not only does Elon constantly tweet about it, but he has publicly petitioned for Coinbase to list it as a buyable crypto on their platform.
Elon is not the only one. We have seen multiple celebrities and billionaires enamored with this crypto lately.
Particularly Mark Cuban, another unabashed fan. In fact, he believes in it so much, he also prophecies that Dogecoin may hit $1. Yes, $1…now .06c. Check out this Cointelegraph article to learn more.
Brief Technical Analysis
Besides the big shots pumping the crypto, there is the next layer of bullishness.
Check out the Dogecoin Chart:
Ignore the yellow line, that is just me getting excited #DogeArmy.
In my experience, this is a very bullish chart. Technically, it can be considered a breakout from the downtrend. Once it broke out, dogecoin also managed to rest on support.
Essentially, dogecoin has reentered the upward channel. This is one of the top reasons we have become bullish again. Usually, after long consolidation, there is a pump back, followed by a retest of support.
As you can see here, that is the case with dogecoin.
Much wow, such bullish?
Based on these two primary factors, we believe Dogecoin will being entering the next leg up.
It’s simple: Elon Musk, Mark Cuban (and others) pump + strong chart = higher prices. Just speculation…but we have been correct in the past.
As a result, there are certain levels we are looking for next.
Check out this Fibonacci calculator:
As you can see here, the levels have been plugged in on the left. On the right are the retracements and extensions. If you are unsure what these mean, check out this Investopedia article on the subject here.
The first price target, obviously, is the previous all time high of .0878. Once this is clearly broke, the next logical target is .0987. You can even simplify it with a Price Target of .10c. That would be huge!
These levels can be clipped pretty quick, especially with all the publicity. Eventually, this crypto will skyrocket over time.
Finally, it is not impossible for Dogecoin to hit $0.18c by end of 2021. Be sure to use these Fibonacci extensions for reference.
Conclusively, we have been writing on this topic for a while, since we have been buying Dogecoin since 2018. You can check out our previous article, where we speculate dogecoin can actually hit $1, here. Apparently Mark Cuban agrees, as you can see in the aforementioned article.
In sum, we are very bullish on Dogecoin for three primary reasons.
- Elon Musk, Mark Cuban and other celebrities/wealthy investors are getting involved.
- Chart looks pretty bullish
- Memes are eternal
And yes, over time, there is a possibility that Dogecoin will hit $1. However, let’s play the conservative (and highly speculative) investor for now.
We are setting a .18c price target for Dogecoin by Q4 2021, that is our prediction.
What do you think? Great investment, or worthless meme?
Tell us in the comments below!
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