Dogecoin Price 2018 Forecast: Can Doge Be Among Top 20?

Dogecoin price is on the rise in 2018. Let us try to evaluate its future and whether Doge can be among top 20 cryptocurrencies in terms of the market value.

• It is one of the rising cryptocurrencies, which is decentralized and peer-to-peer virtual currency.
• Doge price started its journey from $0.0002, traded as high as $0.0173 and is currently around $0.008.
• It has a bright future, but it faces many challenges before it can move into the league of top 20 digital currencies.

According to the company, the key benefit and use cases of using Dogecoin is “tipping”. It can used to reward someone who creates and share excellent content. Every up vote and like can be rewarding on the Interest. Check out the video about D (courtesy YouTube channel – ZimoNitrome)

Dogecoin Price Chart Analysis and Forecast 2018

Looking at the daily chart, it seems like there was a nice upward move in DOGE/USD from the $0.001 swing low. The price moved up by more than 1700% and traded above the $0.010. A new all-time high was formed at $0.0193 in January 2018. It traded as high as 0.0000010BTC versus bitcoin.

Later, a downside correction was initiated and the price lost more than 50% of its value from the $0.0193 high. The mentioned correction found support at $0.003, which was a resistance earlier.

At the moment, the price is recovering above $0.005 and is placed nicely beyond the 100-day and 150-day simple moving average. It is currently trading just above the 23.6% Fib retracement level of the last decline from the $0.0193 high to $0.00290 low.

More importantly, there was a break above a bearish trend line at $0.005 on the daily chart. It has opened the doors for more gains above $0.010 in the near term.

The next major resistance is the 50% Fib retracement level of the last decline from the $0.0193 high to $0.00290 low at $0.011. The price may struggle to break the $0.010 and $0.011 levels, but the overall price action is positive.

In the long term (next 3-4 months), there can be ranging moves around $0.010. If the price stays above the $0.005 level and the 100-day SMA, it could slowly rise. The long term targets could be $0.025, $0.040 and $0.050, considering positive developments from the Dogecoin community and consistent growth.

Dogecoin Future Prospects and Market Cap

The current circulation of Doge coin is 113,210,606,017 (data provided by coinmarketcap), and with the current price of $0.007258, the market value is $821,717,674 USD.

With the current market cap, it is ranked 32^nd, which is well below some of the most popular cryptocurrencies such as OmiseGo, Nano (XRB), Steem, Binance Coin (BNB), Stratis (STRAT), ICON (ICX), Qtum, Ethereum Classic (ETC), Monero (XMR) and Dash.

To move into the top 20 cryptocurrencies, the market value of Dogecoin has to be more than $2,200,000,000. It means its value has to be at least 4x from the current price. It is possible in the long term, but we need to keep in mind that other top cryptocurrencies will also most likely gain traction if the altcoins market continue to grow.

Having said that, if there are positive developments and continuous growth, Dogecoin moving into the top 20 league could be a reality later in 2018. Recently, the official 1.14 alpha was released by the company. It has a few issues, but the company on them will soon release beta version.

Looking at GitHub channel, there are about 70 issues yet to be resolved, and there are 11 pull requests. The main contributors are Laanwj and Sipa amount the total 298 contributors. The total releases so far are 33, with 8,647 commits.

If you want to get started with Dogecoin, you can download their Desktop wallet (Windows, OS X and Linus) or you can try their android mobile wallet.

Keep innovating and let’s take the cryptocurrency world to a new level in 2018.