If the Dogecoin price falls below $ 0.155, it could continue to climb to $ 0.08. On the flip side, Elon Musk’s recent tweet might encourage the cops to grab Dogecoin at the current price level and let the price soar above $ 0.21.
Dogecoin is currently trading at $ 0.191, which is just above its strong support level of $ 0.16. This price point is very important for Dogecoin as it has prevented the coin from falling steeply over 4 times in the past year. For this reason, both bulls and bears should be extremely careful as a correction of more than 50% could occur at any time.
Another project that could erupt in 2022 is EverGrow Coin. Within just 10 weeks of launch, EverGrow owners have already received their share of over $ 30 million in rewards – a record achievement for such a young project. EverGrow has a number of planned utilities, including an Exchange and Crypto wallet, NFT Marketplace and lending platform, Oracle-based gaming to earn games, and a content creation platform, all of which are slated to roll out in 2022 . These utilities will play a huge role in generating “rewards” for EGC holders in the form of Binance Pegged USD, a regulated stablecoin.
Analysts have calculated that EverGrow’s volume will reach $ 30 million a day. Based on the current market cap of just $ 300 million, those who invest $ 10,000 today would receive a reward of $ 750 per day. Currently EverGrow can be bought on various decentralized exchanges based on the Binance chain.
Dogecoin price analysis
Over the course of 2021, we saw that there was a huge gap between $ 0.16 and $ 0.086 and $ 0.078, and that Dogecoin’s Control Point (POC) was around $ 0.052. This tells us that the trading volume of Dogecoin was the highest this year at this price. For this reason, the forecast for Dogecoin is underpinned not only by volume data, but also by technical data.
Then we added Elon Musk’s December 14 tweet to the equation. This apparently resulted in the bulls increasing buying pressure and even causing the Dogecoin price to surge by more than 40%. It almost seems like Elon carefully planned this exact moment to tweet, as he somehow saved Dogecoin from depreciating like a brick. The only thing he had to do to prevent Doge from losing half of its value was to say that Tesla would make some goods for sale using Dogecoin.
Currently, Dogecoin holders are in the clear zone with a price of $ 0.172, but if the day closes below $ 0.16 it could be the start of a decline to $ 0.12 and possibly even further towards $ 0.085. When we look at the on-chain metrics, there is nothing we can do but confirm this potential scenario. The data shows us very little support down to $ 0.074, which is even below the technically predicted target level.
At that price, there are over 285,000 wallet addresses that have bought more than 2.5 billion Dogecoin “in the money” in total, which is likely to snag more tokens to try to maintain their profits. Additionally, we are seeing reduced on-chain trading volume on Dogecoin blockchain. The reason for this could be the relatively new tokens like Shiba Inu, Solana Dogecoin, and other dog-like meme coins.
On the flip side, if Bitcoin’s price rose in the next few hours and Dogecoin pulled with it, we could see the bulls hit a support floor above $ 0.18. If this scenario occurs, it will invalidate our bearish thesis and Dogecoin could climb as high as $ 0.215 by the end of the day.
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