The OG meme cryptocurrency Dogecoin (DOGE) has been trending upward throughout the month. The asset has soared more than 130% during this period. Despite this, the cryptocurrency failed to reach $1 or even its all-time high. Currently, DOGE is 45% below its high of $0.737. The asset still has a way to go before reaching $1, or even $2. Given its recent price surge, the community is betting on Dogecoin to reach the aforementioned high in December.
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Is Dogecoin stuck at 40 cents?
The Dogecoin market has been lingering around the $0.40 level for some time. The OG meme cryptocurrency hit a high of $0.4775 earlier this month. At press time, DOGE was trading at $0.4013 after a 0.42% decline over the past 24 hours.
Despite this recent decline, the community and several analysts are confident about the asset’s evolution towards the $1 mark. Even though the meme coin started as a joke that was interested in Bitcoin, it became a significant asset after reaching a market valuation of almost $60 billion. As a result, DOGE could even reach a high of $2. It is worth noting that Dogecoin is 398.52% below the coveted $2 level.
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Will $2 become a reality?
According to data from CoinCodex, Dogecoin will see a decline in the coming month. The meme coin is predicted to trade in a channel between $0.3382529 and $0.3382707 by the end of the year. Assuming the average price for December was $0.382618, this would mean that the price of DOGE fell by 5.16% from today’s price. Along with this, if DOGE manages to record this price change, investors could potentially make 5.14% profits. Although this is bullish, DOGE will trade well below $2.
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