The Dogecoin price has struggled lately even after the positive statements by Elon Musk. DOGE has risen by just 1% in the past 24 hours and is trading at $0.2027. It has also risen by 12% in the past seven days, which is relatively lower than most cryptocurrency majors. For example, Ripple, Bitcoin, and Ether have all jumped by more than 20% in the past seven days.
Dogecoin fundamental analysis
Dogecoin is a leading cryptocurrency that has recently soared to become the eighth biggest coin in the world. The coin has acquired many fans over the years. In fact, many of them held it even when it dropped by more than 70% from its all-time high.
Dogecoin is mostly associated with Elon Musk, the second-richest man on earth who has a net worth of more than $177 billion. In a speech last week, he mentioned that he held the coin in addition to Ethereum and Bitcoin. This statement helped to push the coin substantially higher. In another Tweet, he explained why he believed that Dogecoin was actual money.
This week, the Dogecoin price will be watched as Robinhood goes public. This is notable because many Robinhood users are among the top Dogecoin traders. Therefore, the buzz surrounding the company’s IPO will likely lead to more interest for the coin.
So, where will Dogecoin be in 5 years? This is a common question that has a difficult answer. Furthermore, 5 years is a relatively long time in the crypto industry. For example, five years ago, very few people were talking about coins like Dogecoin, Stellar Lumens, and, Cardano.
Still, in my view, I suspect that its price will be substantially higher than where it is today considering that is being backed by one of the world’s richest man. Also, I suspect that interest rates will remain substantially low during this period, which will lead to more demand for risky assets.
Dogecoin price prediction
Since this is a 5-year prediction, I will focus on the weekly chart. On this chart, we see that the coin has declined substantially recently. Still, a closer look shows that this is not the first major decline for the coin. In fact, it has had major declines several times before. Another bullish thing is that despite the pullback, it remains above the 50-week and 100-week moving averages.
Therefore, I suspect that the coin will resume the upward trend and move above $1 in the next five years. Perhaps, it could even hit $5 in this period. However, a drop below $0.0885 and $0.0196 will invalidate this view.