Dogecoin Price Prediction and Analysis in February 2020

Today, we will be analyzing some of the historical prices and market opinions of the DOGE crypto to come up with a Dogecoin price prediction for February 2020.

Dogecoin Overview

Dogecoin is a Litecoin fork which hit the crypto markets in 2013. DOGE was initially developed as a joke, but it soon gathered a cult following online.

The mascot for the coin is based on the Doge Internet meme, which features the Shiba Inu dog.

Dogecoin (DOGE) currently trades at around $0.002652, with an increase of 0.63% in the last 24 hours. The crypto is ranked at 32^nd place according to a market cap of $326,802,462, with a circulating supply of 123,212,670,514 DOGE. In the last 24 hours, $111,766,940 worth of Doge coins were traded.

Dogecoin Price Prediction: Analysis

Towards the last week of January, Dogecoin saw a slight increase in trading value, fluctuating between $0.0022 and $0.0023.

Starting with January 28, chart lines showed a series of price jumps between the $0.00234 and $0.00244 values. After an extended amount of time spent between $0.0021 and $0.0022 support levels, DOGE managed to surpass the $0.00246000 resistance before closing at $0.002450 on January 28.

Source: cryptopolitan

January 29^th opened with a price of $0.002451, and towards the end of the day, DOGE dropped to $0.002390. The next day DOGE started showing signs of recovery once again, closing the day at $0,002440 after some mild fluctuations. The bullish trend continued into January 31^st for the first part of the day, but it failed to maintain its gains in the closing hours when DOGE was trading at $0.002394.

DOGE debuted February at $0,002391 and managed to surge past the $0,0024 level, peaking at $0,002431. The coin closed at $0,002422 that day. On February 2^nd, DOGE tested the $0,0025 resistance but closed at $0,002468.

On February the 3^rd, Dogecoin opened the day at a price of $0.00251, and then it saw an increase that placed the coin at $0.00258 in the following 2 hours. The coin failed to hold these new gains and dropped to $0.00238, recording a loss of 7.84% at 04:58 UTC. The price then went through another recovery and shot up to $0.00254 by 6.83%. The crypto once again lost some of its value and settled to $0.00251.

The downward trend continued until the coin reached $0.00241. During the rest of the day, Dogecoin started climbing back up again, succeeding in growing by 4.59% to $0.00252. In the last hour of the day, DOGE closed at $0.00241. The 24-hour period registered a 3.89% drop in DOGE price.

On February 4^th, Dogecoin started the day with a positive price movement. The price saw an increase of 4.31%, going from $0.00241 to $0.00251. The crypto once again dropped to $0.00238 and then made another recovery.

Source: coinnewsspan

The pivot, resistance, and support levels calculated by WalletInvestor:

• Resistance Level (R3): 0.00258
• Resistance Level (R2): 0.00255
• Resistance Level (R1): 0.00249
• Pivot Point: 0.00246
• Support Level (S1): 0.00241
• Support Level (S2): 0.00237
• Support Level (S3): 0.00232

Developments

No developments or technical updates have been made in the past years, as there is not a solid team of developers to back up the project. Ross Nicoll and Max Keller, Dogecoin core developers, have announced that there will be developments made to the coin’s blockchain 1.17 version in order to update DOGE to the same level as Bitcoin Core 0.17.2.

There are very few mentions in the media about Dogecoin, and in terms of adoption, there are no major developments. The most recent integration of Dogecoin was announced by Estonia-based crypto transaction processor, Paytomat. The platform stated that they will be supporting Dogecoin with Tezos for transaction processes.

Paytomat currently supports 18 cryptos, including Bitcoin, Bitcoin Cash, ZCoin, NEM, EOS, Ethereum, Waves, Dash, and Litecoin. Moreover, Paytomat supports clients from 10 countries and has 80 merchants using their system so far. While this listing is good news for DOGE, we will have to see if this will impact the Dogecoin price positively.

Dogecoin Price Prediction: Market Opinion for February 2019

As a number of crypto sites have made their own Dogecoin price prediction for February, we have incorporated a few of them to better portray the market sentiment.

Cryptoground

Cryptoground forecasted that in one week, the price of Dogecoin will be at around $0.0025, with an increase of 4.08%, and the site also projected that Doge will have in one month a price of $0.0024, with an increase of 1.77%.

Coinpredictor

Coinpredictor stated that by the end of February, there will be a drop of 11.6% in the price of Dogecoin, which would place the coin at around $0.002135.

WalletInvestor

WalletInvestor’s Dogecoin price prediction extends for the next 10 days of February, along with their maximum and minimum daily prices.

Digitalcoinprice

Digitalcoinprice is of the opinion that in February 2020, DOGE will be trading at $0.00467013, which signifies an increase of 93.15 %.

Govcapital

Govcapital believes that Dogecoin will be trading at around $0.00311 by the end of February 2020.

Altcoinforecast

Altcoinforecast predicted that on 29 February 2020, Dogecoin will be trading at $0.0031.

Bitverzo

Bitverzo forecasted that on February 29^th, Dogecoin would have an average price of $0.000461, with a minimum of $0.002437 and a maximum value of $0.003656.

Dogecoin Price Prediction: Verdict

The Dogecoin price predictions for February 2020 are not very eccentric, with most predictions being conservative.

Featured image: blokt.com

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