Dogecoin has amassed popularity nobody envisioned the coin would be able to. Thanks to the support of some key players like Elon Musk and Mark Cuban the cryptocurrency has seen the proverbial moon. However, it is important to consider where the support will lead the token if anywhere which is why we are asking can the cryptocurrency cross $1?
Dogecoin fundamental analysis
Dogecoin is essentially a peer-to-peer digital currency that aims to smoothen out the bottlenecks in the global payment ecosystem through blockchain technology. While the cryptocurrency originated as a joke between two engineers, it is no longer the joke it was.
During the past week, Elon Musk announced that his company, Tesla, will now be accepting Dogecoin as a payment method. This has come as a major moment for the cryptocurrency and the support of Musk has the potential to once again let the token rock its way towards the moon. Previously, Musk had been named as Time’s Person of the Year for 2021 and Musk used that opportunity to further his support for his favorite meme-coin. The billionaire CEO has also been actively involved with the development team of the token to bring some real use-cases to it – further cementing its future.
What does the technicals suggest?
The fundamentals of the cryptocurrency suggest good things may be in store for the token and the technicals also place Dogecoin on a bullish roll. According to the estimates of Wallet Investor, the cryptocurrency is expected to cross $1 in five years – operating at a price level of $1.14. While five years seem like a long time, it will nonetheless be a monumental moment for cryptocurrency. Wallet Investor also projects a price of $0.36 in a year’s time. However, other analytics’ websites are not as bullish on cryptocurrency. Digital Coin Price and CryptoGround suggest a price level of $0.69 and $0.68 respectively in five years’ time.
It may not be easy to answer whether or not Dogecoin will cross $1, it can be said with some level of certainty that the future outlook appears to be bullish for the token in the long run. However, anything is possible in the cryptocurrency market but with strong support, it is unlikely Doge will suffer a lot in the long-term window.
