Dogecoin suffered losses in the market with the recent crash. But his woes didn’t just start with the crash. The digital asset had grown and derived most of its value from the hype surrounding it. Mainly sourced from the shilling of prominent figures like Elon Musk. This had brought investors, old and new, into the asset, which had managed to grow over 21,000% to a record high of $ 0.73.
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As a result of this, many accidents rocked the asset. Mainly from the May market crash, Dogecoin had struggled to keep its prices high. Investors who threw their bags to cash in on gains pushed asset prices down further. Resulting in the loss of over 60% of its record value. Still, investors remain bullish on the coin’s long-term potential.
Presentation of end-of-year forecasts
Crypto Godfather is a well-known crypto analyst on Twitter. With a subscriber base of 75,000 subscribers, the analyst has some attraction in space. Recently the a pseudonymous trader and analyst took to Twitter to share his thoughts on the position of major cryptocurrencies in the market by the end of the year. The predictions ranged from the best coins like Bitcoin and Ethereum. Until lesser known tokens like FTT and RAY.
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Starting from the top, the crypto analyst put Bitcoin at $ 80,000 by the end of the year, while putting Ethereum at $ 10,000. Representing at least 200% growth in the second highest ranked crypto. Cardano (ADA) was placed at a conservative level of $ 4 at the end of the year by the analyst. With the native Binance BNB token expected at $ 1,200. Again, an expected increase of over 200%.
For Doge, Crypto Godfather placed the price of the asset by the end of 2021 at $ 0.50. It was more conservative for the token, predicting only a 100% increase. For a token so prone to erratic movements, this was more like caution. Other predictions included SOL at $ 600, XRP at $ 2.8, FTT at $ 300, LINK at $ 100, SRM at $ 120 and RAY at $ 50.
Dogecoin is recovering from a flash crash
The flash crash of September 7 left Dogecoin in trouble. Upward corrections were seen as quickly as the crash had occurred. But unfortunately not on the same scale as the accident had occurred. Dogecoin had a trend around $ 0.3 before this. The 18% flash crash saw Doge push south of $ 0.2, threatening to hit new lows.
DOGE price resting above $0.24 | Source: DOGEUSD on TradingView.com
Now trading around $ 0.24, Doge is preparing to ride a new test of resistance of $ 0.25. Having found its place and consolidated above $ 0.23. The next retest will most likely push the altcoin to another rally, closer to the $ 0.3 recovery.
Featured image from Tori4Town, chart from TradingView.com