by Analytics Insight
January 7, 2022
Here is the Dogecoin price prediction in 2022
Dogecoin started out as a joke in 2013. Soon after launch, it developed other use cases, including charities and online tipping. Over the years, the coin performance was insignificant. However, it started showing tremendous growth potential in 2020. Within a year, it grew into the largest meme coin, effectively ranking among the top ten cryptocurrencies by market capitalization.
2021 was without a doubt the best year for Dogecoin so far. It traded at $ 0.007 in January and hit an all-time high of $ 0.7381 in May. However, it has lost around 70% of its value, trading at $ 0.1715 in late 2021. Nevertheless, the meme coin has grown massively since the beginning of the year.
Dogecoin followed the upward trend of Bitcoin. External factors, in particular Key Opinion Leaders (KOL) and influencers, contributed significantly to the increase in value. For example, tweets from Elon Musk and Snoop Dog, two of the largest KOLs, influenced the growth of the Doge community. Currently, the crypto coin has a huge following from Twitter and Reddit.
So what’s in store for Dogecoin? It is likely to see more growth in 2022, with institutional and retail adoption. Tesla has considered accepting DOGE as a payment alternative. Investors like Mark Cuban have invested heavily in Dogecoin, the investor owns Dallas Maverick, which accepts Dogecoin for tickets and goods. Some of the community members suggest using the meme coins on hot tubs. As use cases increase, the price of Dogecoin will skyrocket.
Dogecoin price predictions for 2022
Predictions for Q1 and Q2
According to cryptopredictions.com’s 2022 DOGE projections, DOGE will start trading at $ 0.233447 in 2022. In the first quarter, the forecast minimum price is 0.198430. Price growth is expected to rise through February, averaging $ 0.234112 a month. Dogecoin is expected to close the first quarter at a maximum of $ 0.293125.
For the second quarter, the projected average price for April is $ 0.234677. Dogecoin is expected to hit a maximum price of $ 0.292728, according to the site’s predictions. As of June, the price will average $ 0.234182.
Q3 and 4 price predictions
CryptoPredictions’ algorithm predicts Dogecoin will give way a bit in July, with the expected high price dropping to $ 0.291856. Likewise, the average price will drop to $ 0.232411 in August. Eventually, the peak price will drop to $ 0.286380 in September.
A further decline in the share price is expected for the fourth quarter. The site’s forecast shows Dogecoin trading at a high of $ 0.286380 in October and closing the year at a high of $ 0.279832. However, another site that provides Dogecoin predictions – TradingBeasts, is a little less optimistic and expects an average price of $ 0.221 in the fourth quarter.
Dogecoin’s satirical character has made it one of the most popular meme coins out there. The approval of Elon Musk and Mark Cuban only added to its wide popularity. The coin serves as a means of payment with low transaction costs. According to Cryptwerk data, over 1900 merchants currently accept Dogecoin as a means of payment. The tip service is a unique use case that makes it even more popular with the Dogecoin community. The service allows users to give quick gifts to other users on Reddit and Twitter.
Despite the above use cases, Dogecoin has relatively little use. Its growth will largely depend on whether the influential figures continue to support the meme coin. A New Year tweet from Elon Musk could push the Dogecoin price up in early 2022. Other notable supporters like Gene Simmmons will have a huge impact on how the dog coin will perform in 2022.
The Dogecoin community will also influence the price of DOGE in 2022. The digital coin currently has a total of over 4.5 million followers on both Reddit and Twitter. In addition, the listing on Etoro had significantly increased the reach among users.
As with other meme coins, the Dogecoin’s growth will depend largely on media attention and hype as they generally lack a strong foundation.
The good news is that the Dogecoin Foundation has released a walking map with details on the 2022 project that will improve its usefulness. At the top of this plan is to make DOGE useful and to increase its acceptance through usefulness. The foundation gives examples of paying rent and buying coffee. Essentially, they plan to make DOGE a universal coin by focusing on payments.
Another development is the gigawallet project. The API solution will allow developers to add Doge transactions on their platforms. In addition, DOGE plans to set up community staking, which will help migrate the coin ecosystem from Proof of Work (POW) to Proof of Stake (POS).
Here’s an interesting development. Elon Musk is expected to launch a Dogecoin-funded space mission in the first quarter of 2022. With all of these developments, Dogecoin is likely to continue the upward trend. If it breaks above the current all-time high, the next stop will be at $ 1.
Since hitting an all-time high in May, bears have taken control of the market. The market is currently hovering in the area of recent support. It has also failed to break through a range of resistance. In fact, the following table shows the DOGE areas within this level.
The price must cross the resistance level of $ 0.1900 that was previously a support level. If it crosses this zone and is likely to retest the area, it will be set on an uptrend.
In this chart, Dogecoin shows that Fibonacci is retesting the retracement levels. The price hits the 31.8% retracement level and declines. If the upward move resumes, the next stop will be at $ 0.24400 at 50% retracement levels or $ 0.2600 at 61.8%.
The Dogecoin price has followed a descending channel in the downtrend. However, it is broken above the channel and is retesting the upper channel line, which will act as a support. If the price does not break below this support line, the uptrend will resume.
According to this technical analysis, the DOGE is likely poised for an uptrend. The wait is now for news events that will trigger the uptrend, maybe a tweet from Elon Musk.
Final words on our DOGE predictions for 2022
Dogecoin is the pioneer meme coin and has a huge following of the enthusiastic community. It rose in 2021 and hit new highs thanks to support from Mark Cuban, Elon Musk and Snoop Dog. However, it lost most of its value towards the end of 2021 and is now traded in an area of interest. The coin is unlikely to drop any lower. The Dogecoin Foundation has launched new projects that will enhance their usefulness and ultimately add value. If the bulls regain control of the market, we could see DOGE at a new market high that could go as high as $ 1. But that will depend on the success of the DOGE projects and, in part, on whether or not Elon Musk is tweeting about Doge.