Dogecoin Price Analysis: DOGE Gets Back In The Top-5

Aug 12, 2016 at 14:54 // Price

Finally, after a long fall, Dogecoin makes feeble attempts to recover its price. Cryptocurrencies with a low price are becoming attractive to buyers, however, demand is still lower than we wish.

The two-month decline of Dogecoin prices seems to be over. On the 7-day chart, we can see that DOGE quickly rose by 5 points. But then it met with a small setback and moved into a sideways trend.

DOGE / USD exchange rates for last 7 days:

Dogecoin price weekly

However, Dogecoin gets back in the top-5 list of cryptocurrencies at CoinGecko. Last week, Dash was on this list in fifth place, but this week DOGE is back in place. Given the two-month drop in prices, in the long-term we can expect a resumption of Dogecoin price growth.

DOGE / USD exchange rates for last 30 days:

DOGE / USD exchange rates for last 30 days

Today, DOGE/USD exchange rates are at $0.00024. The main objective is the level of $0.0003. This is the maximum point, from which DOGE steadily declined for two months. Reaching this level now will open the way to new heights for Dogecoin.

DOGE / USD exchange rates for last 60 days:

DOGE / USD exchange rates for last 60 days

Today, we expect the continuation of Dogecoin trading within the corridor of $0.0002380-$0.0002450.

Low trading activity on the exchanges and the general downturn of most cryptocurrencies doesn’t give Dogecoin an impetus to resume growth. Today, some cryptocurrencies are already offered on Forex. Maybe if Dogecoin will get in the list at Forex, trading activity will increase and the price of Dogecoin could rise higher? 

This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.

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