If you hold some DOGE, you’ve probably been thinking about cashing out for a while now.
However, it would be unwise to sell your coins during these difficult times on the market. Instead, you can choose to wait a little more and sell it for a higher price when the market recovers. According to Traders Union analysts, this recovery can happen sooner than you think. They’ve recently made a long-term forecast for the DOGE price, and we’re going to give you a brief review of their main points.
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What happened to DOGE
Launched in 2013, Dogecoin was designed as a slightly modified version of Bitcoin. While it’s cheaper and faster than the BTC blockchain, the technology behind the project is considered quite outdated by some experts. That makes the coin more dependent on public opinion and speculative tendencies on the market: it experienced its largest surge in 2021 after being publicly mentioned by Elon Musk and a couple of other celebrities and then crashed in 2022. However, DOGE still remains rather popular: the coin currently ranks 9th among all crypto by market capitalization.
When you should sell it
If you want to understand when to sell Dogecoin, you should find out how the DOGE price will behave in the near future. Traders Union experts have analyzed all the factors that can affect it and came to a conclusion that DOGE has all chances to recover to its all-time highs in about five years. The analysts expect DOGE to grow to at least USD 0.11 by the end of 2023, and the most ambitious scenario suggests that the coin can cost about USD 0.14 by then. This short-term forecast is almost definitely accurate, but it doesn’t mean you should sell your DOGE in the beginning of 2024 and forget about it.
Actually, the experts predict that DOGE can grow much further. If you are ready to wait more, the coin can reach USD 0.25 by the end of 2025. The analysts predict that DOGE will hit the bar of USD 1 in 2030, and that can be a perfect time to sell your coins with a hefty profit. And if you don’t own any DOGE, now is a great opportunity to buy the coin: it is traded at relatively low prices, and your investment can bring a tenfold profit in ten years if the forecast is confirmed.
How to use forecasts
The experts publish forecasts for different kinds of assets: from major cryptocurrencies to Forex pairs (for example, EUR GBP rates). However, you should always remember that any forecast is somewhat inaccurate by definition since there are too many factors involved. The more you wait, the more risks you take on, so don’t forget to do your own research. That applies to any Traders Union article, too.
“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”
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