Meme-coin darling and Elon Musk favorite Dogecoin (DOGE-USD) has slipped below its 10-cent price resistance for the first time in more than a year. It seems DOGE is the latest casualty of a cryptocurrency downswing hitting the markets lately. Dogecoin price predictions are hot on the news, with many outlets predicting that DOGE will make a comeback.
The crypto is currently trending around 9 cents per coin, after shedding nearly 20% of its value in just the past 24 hours. This marks the first time the meme coin has dropped below the all-important 10-cent resistance level since it first rose to prominence in April 2021. While it once trended in the top five cryptos by market capitalization, currently DOGE is sitting at the no. 10 spot.
The news may come as a surprise to DOGE fans, as the coin was recently added as an acceptable payment method on WordPress websites. It seems the promising development wasn’t enough to bring the bulls back.
Dogecoin isn’t alone in its plunge today, however. Nearly the entire crypto market is in the red at the time of writing, joining a generally pessimistic stock market. Even the crypto king, Bitcoin (BTC-USD), temporarily descended below $30,000 this week. The bears are clearly out to play lately, which may not bode well for everyone’s favorite furry meme-coin.
Let’s see what the experts think about Dogecoin’s potential going forward.
Dogecoin Price Predictions: What’s Next for the DOGE Crypto?
Wallet Investor remains confident in DOGE. It set a one-year forecast of 24 cents per coin and a five-year price target of roughly 71 cents. This represents substantial short-term and long-term growth.
Telegaon is also bullish on Dogecoin. It believes the meme crypto will hit an average price of 27 cents in 2022 and 58 cents in 2024.
Finally, CoinPriceForecast is a bit more tempered on DOGE, albeit still quite bullish. It set a year-end price target of about 10 cents for Dogecoin but only sees mild growth going forward. For 2024, it only sees the coin climbing to about 13 cents per coin, representing 46% growth from today’s price.
On the date of publication, Shrey Dua did not hold (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.