There is no doubt in my mind that Dogecoin has the potential to go well above $1 due to its massive following amongst followers of the coin as well as Elon Musk supporting it.
One reason I think Dogecoin will go down to around $0.10 is because of its previous support level. Usually price will test major support levels before extending to new price discovery.
Another reason I think Dogecoin and most crypto will fall is for end of year sell-offs. The wash-sale rule doesn’t apply to crypto yet and this makes it attractive to those in a losing position to close it before the years end to get some of that money back on their taxes; then just hop back in the trade early January. Usually with stocks you can’t enter the same position for 30 days which prevents a wash-sale.
So I fully believe the end of this year will give us low prices on all of crypto. I am really focused on how the monthly candle closes on Dogecoin to see where I will enter back at. But for now, I am eyeing $0.10-$0.12 in the weeks to come.
One reason I think Dogecoin will go down to around $0.10 is because of its previous support level. Usually price will test major support levels before extending to new price discovery.
Another reason I think Dogecoin and most crypto will fall is for end of year sell-offs. The wash-sale rule doesn’t apply to crypto yet and this makes it attractive to those in a losing position to close it before the years end to get some of that money back on their taxes; then just hop back in the trade early January. Usually with stocks you can’t enter the same position for 30 days which prevents a wash-sale.
So I fully believe the end of this year will give us low prices on all of crypto. I am really focused on how the monthly candle closes on Dogecoin to see where I will enter back at. But for now, I am eyeing $0.10-$0.12 in the weeks to come.