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The OG meme cryptocurrency Dogecoin (DOGE) has been on an uptrend throughout the month. The asset shot up by over 130% during this period. Despite this, the cryptocurrency failed to reach $1 or even its all-time high. Currently, DOGE is 45% below its peak of $0.737. The asset still has a long way before it reaches $1 or even $2. Given its recent price surge, the community is betting on Dogecoin to reach the above-mentioned 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 a while now. The OG meme cryptocurrency went up all the way to a high of $0.4775 earlier this month. At press time, DOGE was trading at $0.4013 following a 0.42% drop over the past 24 hours.
Despite this recent drop, the community and several analysts are confident about the asset moving toward the $1 mark. Even though the meme coin began as a joke that took a dig at Bitcoin, it has grown to be a prominent asset after reaching a market valuation of nearly $60 billion. As a result, DOGE could even surge to a high of $2. It should be noted that Dogecoin is 398.52% below the coveted $2 level.
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Will $2 Turn Into A Reality?
According to data from CoinCodex, Dogecoin will witness a drop in the coming month. It is anticipated that the meme coin will 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 dropped by 5.16% from today’s pricing. Along with this, if DOGE manages to record this change in its price, investors might potentially make 5.14% in profits. While this is bullish, DOGE will trade far away from $2.
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