Dogecoin has suffered losses in the market with the recent crash. But its woes did not just start with the crash. The digital asset had grown and gotten most of its value from the hype around it. Mainly arising from shilling from prominent personalities like Elon Musk. This had brought investors, old and new alike, into the asset, which had managed to grow over 21,000% to land at an all-time high of $0.73.
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Following this had been numerous crashes that rocked the asset. Mostly starting with the market crash in May, Dogecoin had struggled to maintain its high prices. Investors dumping their bags to cash in on gains further drove the asset price down. Resulting in the loss of over 60% of its all-time high value. Nevertheless, investors remain bullish on the long-term potential of the coin.
Laying Out End Of Year Predictions
Crypto Godfather is a well-known crypto analyst on Twitter. With a follower base of 75K followers, the analyst possesses some pull in the space. Recently, the pseudonymous trader and analyst took to Twitter to share their thoughts on where major cryptocurrencies will be in the market by end of the year. The predictions ranged from top coins like Bitcoin and Ethereum. Down to lesser-known tokens like FTT and RAY.
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Starting out from the top, the crypto analyst put Bitcoin at $80,000 by end of the year, while putting Ethereum at $10,000. Representing at least a 200% growth in the second-highest ranked crypto. Cardano (ADA) was placed at a conservative $4 by the end of the year by the analyst. With Binance native token BNB predicted at $1,200. Again, an over 200% predicted increase.
For Doge, Crypto Godfather placed the asset price by end of 2021 at $0.50. This was more on the conservative side for the token, only predicting a 100% increase. For a token so prone to erratic movements, this erred more on the cautious side. Other predictions included SOL at $600, XRP at $2.8, FTT at $300, LINK at $100, SRM at $120, and RAY at $50.
Dogecoin Recovers From Flash Crash
The flash crash on September 7th has left Dogecoin struggling. Upward corrections were seen just as quickly as the crash had occurred. But unfortunately not at the same scale as the crash had happened. Dogecoin had been trending around $0.3 before this. The 18% flash crash had seen Doge pushed south of $0.2, threatening to break to new lows.
DOGE price resting above $0.24 | Source: DOGEUSD on TradingView.com
Now trading around $0.24, Doge is preparing to mount another retest of the $0.25 resistance. Having found its footing and consolidated above $0.23. The next retest will most likely push the altcoin towards another rally, closer to reclaiming $0.3.
Featured image from Tori4Town, chart from TradingView.com