Dogecoin price analysis 31 May 2019; gearing up towards $1 finally?

Dogecoin 17 may price analysis 2019

Dogecoin is always on the mind of investors waiting for the right opportunity to enter the market, but can’t simply find it. The coin is trading at such a low price that everybody thinks that it will one day jump 1000% and make everybody rich.

That might not be the case in the near future, but the 2020 crypto haven will surely bring some of the most lucrative investments for current HODLers.

One of the main arguments about DOGE going $1 is the number of coins emitted in the blockchain. There are currently 120 billion DOGE circulating in the blockchain and honestly, a $120 billion market cap for a coin like DOGE is hard to believe, but not unrealistic due to predictions for 2020.

So what’s going to happen? will we see DOGE go for $0.01, or surprise everybody with $1?

Dogecoin price chart

DOGE chart by Trading View

Dogecoin‘s adventure started alongside the Bitcoin bull rush earlier this month, and it has been going for as long as the hype allowed it to. Overall it did gain more than it lost, but in the last three weeks, it has been suffering from the market patterns. It would quickly grow over the weekends, but fall pretty to the bear on Wednesdays and Thursdays.

I think this is the only week where the pattern was broken and the bear hit on Friday instead of Wednesday. Nevertheless, there is still hope for the short-termers as well.

As already mentioned above, the market is very predictable right now, therefore we can see at least a 10% increase on DOGE over the course of this weekend. For short-termers as well as HODLers it may be the best time to enter the position right now.

As of writing this article, Dogecoin is trading at $0.0032, but is on a growing trajectory, currently enjoying a 4% mark. It’s unlikely to continue before Bitcoin gets revived though. Here are the price points everybody should look for.

Bulls, enter at $0.003285 as it’s where the rebound is most likely to happen due to the last spike

As long as the $0.003190 support level is maintained, HODLing DOGE is the best way to wait for the 2020 crypto boom, which could very likely push out beloved DOGE to as high as $1.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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