Dogecoin (CCC:DOGE-USD) is experiencing some turmoil as the price of the cryptocurrency is falling hard on Wednesday.
The falling price for Doge comes after a strong rally yesterday, which coincided with Doge Day. Yes, the Doge Army decided that 4/20 was the perfect day to celebrate the meme crypto. No, no one was surprised by that move.
In the lead up to Doge Day, the price of Dogecoin saw a hefty increase. It all started earlier this month when the token shot up to about 45 cents after being stuck at 5 cents for the first part of the year. When considering that, this drop back to roughly 30 cents really doesn’t seem that bad.
So, is there a chance that Dogecoin will rise again? Investors on social media are split on that matter. Let’s take a look at their Dogecoin price predictions below.
That really looks like an important top in $DOGE. Lower high in %b versus price, a pair of reversals at the upper Bollinger Band, and BandWidth turned down. I'd look for a 50%+ retrace of the April rally. https://t.co/9ZwlucnJa3
Of course, Elon could make a fool out of me.
— John Bollinger (@bbands) April 21, 2021
$DOGE.X Doge could rise as high as 6 bucks. 129 billion doge coins.. 18 million bit coins. (55k bitcoin price) / (129 bil /18 mil )= $6.97
Why not lol 😆
— Kim T (@KimT12575700) April 21, 2021
Bullish upward triangle forming. Expecting .50 by April 25 if this trend continues. Buy in price @ approx .30-.31. Set a buy limit to .25 if you like, but don’t count on it. (Not financial advice, just a friendly discussion). $DOGE #dogecoin pic.twitter.com/qIMn9OL5gP
— Bih, I’m a $DOGE (@munyhunny) April 21, 2021
Investors in $DOGE are just willing the price 🚀🌕. At some point the meme won’t be enough and ppl will realize it has very little value. I haven’t done any price analysis or anything like that but just my opinion from what I’ve seen.
— Alex Wei (@alexwei_) April 21, 2021
— CryptoDev (@DivyaPr27336545) April 21, 2021
While plenty of crypto investors are expecting Dogecoin to rise again, there are those that just don’t see it happening. While it’s true that the meme status can carry DOGE a long way, it likely won’t last forever.
GameStop is the perfect example of another meme investment that got a massive boost before falling. While GME stock didn’t fall back to pre-pump levels, it was completely unable to maintain the high price that meme investors pushed it up to. It’s possible that DOGE could face a similar scenario, but only time will tell.
DOGE was down 12.8% as of Wednesday afternoon but is still up 6,477.7% since the start of the year.
DOGE isn’t the only cryptocurrency that is experiencing trouble of late.
Bitcoin (CCC:BTC-USD) is facing a similar problem with the price of the crypto expected to fall. Experts are still bullish long term, but a crash appears to be on the way. That might make investors want to consider alternatives such as Ethereum (CCC:ETH-USD) or Neo (CCC:NEO-USD). Crypto investors can learn more about this below.
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- Neo (NEO) Price Predictions: Where Will the Ethereum Rival Go After N3 Launch?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.