In these last few months, many investors carefully analyzed Dogecoin value as it alternated between bullish gains and bearish losses. Doge finally broke through resistance at the $0.25 level, but it still struggles to maintain its current standings. However, experts predict an incoming 400 percent gain if investors work together.
Back in October, Doge saw a 40 percent spike, which gave it a market price of $0.33. Unfortunately, its value dropped back almost immediately, trading at $0.22 with a 0.35 percent decrease in market growth at the time of writing.
The sudden market shifts might be discouraging, but note that Dogecoin's number of transactions recently increased by 70.7 percent, going up from 1,570 to 2,680. According to FX Street, this suggests that high net worth investors are getting interested in Doge.
This also means that Dogecoin's future markets could serve as investment opportunities for traders.
Dogecoin Value: December Resistance Levels
Experts in FXS discussed the resistance levels on Dogecoin, and they revealed a descending triangle model for its market performance. They forecast an incoming 361 percent upswing, which boosts market value up to $1.09. However, there are a few challenges to reach this point.
Doge price breached the triangle's hypotenuse when it traded at $0.24 in October. It currently rests near the $0.19 support level. These two support levels act as indicators for a bullish formation or reversal in trend on a triple-tap setup. Notably, Dogecoin has to pierce through $0.29 and $0.35 levels to trigger the uptrend.
In the best-case scenario, this development could boost Doge's potential up to $0.44. The progress would eventually retest Dogecoin's all-time high at $0.74. Note that the bull rally might end up reaching $1.09, which will represent a 400 percent gain from the current trading value.
Out of all the resistance levels identified, Doge might struggle, especially between $0.30 to $0.34. Here, traders might end up under pressure and selling their tokens to break even.
If buyers can overcome this resistance level, Doge is definitely moving back up in the market.
Dogecoin Price Prediction: Support From Big Investors
It is worth noting that Dogecoin's massive potential is directly linked to the big-named investors interested in the market. Listed below are some iconic figures who pledged having investments with Dogecoin.
Mark Cuban said Dogecoin is one of the most-used transactions in his market.
Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb— Mark Cuban (@mcuban) April 26, 2021
Elon Musk and Billy Markus have also discussed Dogecoin's potential in the past.
Super important for Doge fees to drop to make things like buying movie tix viable— Elon Musk (@elonmusk) September 22, 2021
Just recently, Adam Aron announced Dogecoin as a valid payment method for AMC theaters.
Huge news Dogecoin fans! As we work to accept online crypto payments, now you can buy @AMCTheatres digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet. Accepted on our web site, mobile app, and in theatres. https://t.co/hPubbeq4YG pic.twitter.com/dra7e23tc8— Adam Aron (@CEOAdam) October 5, 2021
Sources from Capital also made their own predictions for Dogecoin's incoming trading values.
- CoinCodex predicted that Dogecoin could trade at $0.23 on December 5. Its long-term forecast said it would take several years for the coin to reach $1.
- Wallet Investor said Dogecoin could average at $0.23 by the end of December and eventually climb to $0.46 by the end of 2022. Doge might double to $1.36 at year 2026.
- DigitalCoin forecast Dogecoin to average at $0.40 in 2022 and $0.65 at 2025. It might reach $1.01 by 2028