Dogecoin (CCC:DOGE-USD) is looking like the runt of the litter today thanks to the crypto crash precipitating market-wide losses. The coin’s value has been hampered by new regulations in China and the fact that investors are having a hard time pinpointing a unique utility. However, DOGE has shown time and again that it can overcome bearish adversity and break out. So, are Dogecoin price predictions looking bullish, or do experts think DOGE is in for a bearish ride?
China is continuing to deal blows to crypto. Building on the country’s initial crackdown on crypto in May, the central bank is calling on other Chinese financial institutions to continue their fight against cryptocurrency. The People’s Bank of China met with financial institutions like the Agricultural Bank of China and the Postal Savings Bank to discuss heftier bans on digital currency.
These banks have agreed with the PBOC, some putting out their own statements reaffirming the government’s ban. The result is catalyzing crypto losses across the board. Bitcoin’s (CCC:BTC-USD) recent gains twoard $41,000 are erased, with the coin now sitting at under $33,000. Likewise, Ethereum (CCC:ETH-USD) values dropped under $2,000, a jarring dip from its highs of over $4,300. Dogecoin is down a whopping 15% on the day, with the coin swapping hands at just 22 cents.
Dogecoin Price Predictions: Will DOGE Get Back on Its Paws?
DOGE investors might be a little disappointed with what analysts have to say. Bullish runs and social media chatter have lead many to believe that this would be the year that Dogecoin hits that elusive $1 mark. It came awful close with its all-time high of 73 cents, but it looks like the recent events are causing a reset among analysts expectations. Let’s take a look at some Dogecoin price predictions:
- FXStreet’s technical analysis of Dogecoin suggests a resistance level of 33 cents. Continuing the bearish momentum could lead to the price bottoming out at just 19 cents.
- DigitalCoinPrice predicts DOGE will move to just 34 cents by the end of 2021.
- Coin Price Forecast has a more bullish prediction. They suggest Dogecoin can close out the year at 64 cents, nearing that all-time high once again.
- The Economy Forecast Agency does not predict Dogecoin will break out above 30 cents again for the rest of the year. Their December forecast calls for a high of just 28 cents.
- WalletInvestor predicts that by June 2022, DOGE will rebound to the tune of 43 cents.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.