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Dogecoin price prediction for November 30, 2022

Dogecoin price prediction for November 30, 2022

Meme cryptocurrency Dogecoin (DOGE) started an uptrend in the last week of October after Elon Musk created a positive outlook by acquiring the social media platform Twitter (NYSE: TWTR). DOGE’s rally is partly attributed to Twitter’s potential use of the case token as a payment model. However, a segment of investors seems unconvinced that the asset’s recent gains will last longer amid uncertainty amid the extended bear market. Crypto community CoinMarketCap forecasts DOGE to trade at an average price of $0.08928 through the end of November 2022 based on data received by Finbold on November 1.

Interestingly, the value represents a 39% drop from the token price at press time. The prediction is based on 1,333 votes from community members using the price estimation feature.

The bearish outlook for Dogecoin additionally spills over to the cease of 2022, with the network projecting that the eighth-ranked cryptocurrency through marketplace capitalisation will exchange at $0.1/2 on December 31, representing a drop of 41% from the fee through press time.

DOGE price analysis

In addition to bearish forecasts, DOGE has continued its recent rally after correcting the best of the year in line with the broader crypto market. Meanwhile, the token was trading at a five-month high of $0.15 at press time, up over 31% over the past 24 hours. At one point, the asset posted weekly gains of more than 100% amid heightened buying pressure that led to DOGE changing the Cardano (ADA) market cap. However, low confidence in DOGE. 

The potential to sustain Musk-inspired gains can be attributed to speculation akin to meme stocks and cryptocurrencies in 2021.

Moreover, the wealth gains were partially inspired by Binance’s involvement in the cryptocurrency exchange as part of the Twitter deal. According to the business, it will explore ways blockchain and cryptocurrencies could be helpful for Twitter.

What next for DOGE?

DOGE’s bearish outlook also comes amid prevailing macroeconomic conditions affecting the overall cryptocurrency market. Given the ongoing Twitter deal, the community likely believes that the asset has no other significant triggers despite the potential surge. In utility. Interestingly, the support showed signs of a correction on October 31 after investors appeared to be taking profits, but it has since continued to rise.

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