Dogecoin (DOGE) had a strong showing in Q3, jumping to the 20th position and at some point hitting the 18th position. But it is likely to hold on to these gains in this quarter? What are Dogecoin’s prospects in Q4? To determine its prospects, one needs to look at its core fundamentals, market sentiment, and its price analsyis. These three factors can help give a good probability of the direction that Dogecoin is likely to take this quarter.
Starting with its core fundamentals, Dogecoin is one of the best coins for sending value over the internet, and it is widely used for this function. That’s because, it constantly ranks among the top 5 coins in terms of daily crypto trasanctions. This means that fundamentally, it is doing what it is supposed to do, and that’s good source of value. Besides, given that its transaction volumes are rising consistently, chances are that its value in the market will continue to rise too, not just in Q4, but going into 2019 as well.
Moreover, Dogecoin’s core value in the market is strenghened by the fact that it is truly decentralized. Decentralization at its core, is a form of security, which means that Dogecoin has value to people who want to transfer value over the internet and do so securly. With the increased incidences of attacks against centralized systems, Dogecoin (DOGE) stands a realistic chance of growing in value not just in Q4, but in 2019 as well.
In terms of market sentiment, Dogecoin (DOGE) has seen an increase in positive sentiment in the last couple of months. This sentiment has largely been driven by the increased number of exchanges that have listed Dogecoin so far. First it was Robinhood that added Dogecoin, then it was followed by Coinbase, which started offering storage services for Dogecoin among other altcoins. This drove up the sentiment around Dogecoin (DOGE) and got investors more interested in Doge as a serious investment. The impact of this improved sentiment has been the increase in the price of Dogecoin (DOGE), and its likely to continue going into Q4 since the Dogecoin community is getting bigger and stronger.
From a technical analysis perspective, there is good reason to believe that Dogecoin could be at the beginning of a long-term bull run. That’s because from the monthly charts, it is showing a clear bullish signal. That’s because last month’s bullish candle was a clear breakout, after Dogecoin traded in a range for 6 months. Dogecoin (DOGE) has opened the new month above last month’s close of 89 satoshis.This is an indicator that there is strong bullish sentiment in this market. If this momentum sustains, Dogecoin could hit 114 satoshis in the coming month.
This is a price level that has offerred somem resistance in the last 7 months, one that is likely to offer some resistance if Dogecoin hits it this quarter. A push above this could see Dogecoin (DOGE) touch a high of 188 Satoshis before the end of the year. That’s the highest price level it has hit in the last one year, one that could be a strong resistance point as we approach the end of 2018.