Dogecoin Price Predictions on November 30, 2022

warning:CoinMarketCap’s crypto community price estimation is based solely on the votes of its users. Estimates do not guarantee prices at the end of the month.

Meme cryptocurrency Dogecoin (DOGE) embarked on an uptrend in the last week of October after the positive outlook created by Elon Musk’s acquisition of social media platform Twitter (NYSE: TWTR). The rise in DOGE is partly due to the potential use case of the Twitter token as a payment model.

However, some investors seem unconvinced that the asset’s recent gains will last longer as uncertainty reigns amid an extended bear market.

In fact, the crypto community CoinMarketCap expects DOGE to trade at an average price of $0.08928 by the end of November 2022, according to data obtained by Coinphony on November 1. Interestingly, the value represents a 39% reduction from the price of the token upon publication. The prediction is based on 1,333 votes from community members using the price estimation feature.

Dogecoin social price estimate for November 30th. source: CoinMarketCap

The bearish forecast for Dogecoin also extends to the end of 2022, as the community expects the cryptocurrency to be the eighth in terms of market capitalization to trade at $0.085 on December 31, which is 41% below its press time price.

DOGE price analysis

In addition to bearish expectations, DOGE extended its recent rally after correcting for the best of the year in line with the overall cryptocurrency market. Meanwhile, at the time of this report, the token was trading at a five-month high of $0.15, representing a gain of more than 31% in the past 24 hours.

DOGE seven day price chart. Source: CoinMarketCap

At one point, the asset posted weekly gains of more than 100% amid mounting buying pressure that reversed Cardano’s (ADA) DOGE in market capitalization.

However, low confidence in DOGE’s ability to sustain gains inspired by Musk can be attributed to similar speculation for meme and crypto stocks that we saw in 2021.

In addition, the asset’s gains were partly inspired by Binance’s participation in the Twitter deal. According to the exchange, he will explore how blockchain and crypto can be useful for Twitter.

What after DOGE?

The bearish outlook for DOGE also comes amid the prevailing macroeconomic conditions that continue to weigh heavily on the entire cryptocurrency market. Also, when the Twitter deal is completed, the community will probably believe that the asset has no other important triggers despite the potential increase in utility.

Interestingly, the asset showed signs of correction on October 31st after investors appeared to be making profits but have continued to rise since then.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

Post Dogecoin price predictions on November 30, 2022 first appeared on Coinphony.

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