The CoinMarketCap crypto community forecasts the year-end price of Dogecoin (DOGE), Ripple (XRP) and Solana (SOL). In addition, analysts share their expectations for the tokens.
Dogecoin (DOGE) price year-end forecast
cryptocoin.com As you follow, the majority of the cryptocurrency market is still swimming in the red sea. However, many of its assets, including Dogecoin (DOGE), are starting to consolidate. The CoinMarketCap crypto community forecasts DOGE to average $0.09862 by December 31, 2022. If the community’s predictions of 840 votes come true, it will add $0.0131 to the current DOGE price of $0.08552. In other words, it will increase by 15.32%.
Social DOGE price forecast for December 31 / Source: CoinMarketCapInvestors are optimistic about DOGE. The steady increase in DOGE holders over the past week demonstrates this. The total number of unique DOGE addresses reached 4,456,345 on November 16. This represents a 1.49% rebound after a significant decline on Nov.
DOGE 1-month holder chart / Source: CoinMarketCapDogecoin (DOGE) technical analysis
Meanwhile, DOGE technical analysis remains neutral. It also leans slightly towards the ‘sell’ sentiment at 10. Whereas the ‘neutral’ indicator is at 9 compared to 7 for ‘buy’. Meanwhile, oscillators suggest ‘sell’ at ‘neutral’ zone 8, while moving averages (MA) 1-day indicators suggest ‘sell’ at 9.
DOGE technical analysis 1-day indicators / Source: TradingViewNot surprisingly, Dogecoin follows the patterns of the overall crypto market. Thus, it has been recording a steady decline since the beginning of the year. In this period, it has lost 63.92% of its value since January 1st.
XRP community continues to rise
It is worth noting that despite the overall market downturn, the XRP community is on the rise. According to the CoinMarketCap XRP community, the token will trade at an average of $0.43 until December 31, 2022. The price represents gains of about 23% from the price of XRP at the time of publication. 888 community members voted for the price estimate.
Social XRP price prediction for December 31 / Source: CoinMarketCapAccording to the analyst nicknamed Trading Shot, the current price of XRP presents a buying opportunity for short-term investors. The analyst says that the probability of XRP’s recovery has been derailed by the stock market impact of FTX. In this context, the analyst makes the following assessment:
If XRP corrects below the $0.286 support, the move could face selling pressure to target $0.236. If the token sustains gains above the support level, XRP could target $0.4 by the end of 2022.
XRP price analysis chart / Source: TradingViewXRP technical analysis
Also, the daily technical analysis of XRP continues its bearish trend with a summary pointing to selling at 15. The token’s moving averages support the ‘strong sell’ at 13, while the oscillators are essentially neutral at seven.
XRP technical analysisWhile the $0.50 level remains a realistic target for XRP, the prospects for reaching the position are largely dependent on the overall cryptocurrency market sentiment. Specifically, when the market is trading in the red zone, which is affected by macroeconomic factors. At the same time, XRP’s ability to recover or fall will depend on how the asset responds to the fallout from the FTX crisis. Also, XRP’s recovery potential is partially dependent on the outcome of the SEC lawsuit. If the court rules against Ripple, it’s possible that XRP is threatened with further correction.
Crypto community optimistic for Solana
The 919 crypto community votes on CoinMarketCap show a stronger bullish sentiment for Solana. It currently estimates Solana to change hands at $31.66 by December 31, 2022.
Solana social price prediction / Source: CoinMarketCapIf these predictions come true, by the end of the year SOL will add $17.53 to its current price of $14.13. This means that it will increase by 124.01%. The last time Solana traded above $30 was November 8th. That is, it was just before the ongoing FTX crisis started to escalate.
Analyzing this diagonal to predict the SOL price over the next few weeks, Maikisch notes:
If this is an ending diagonal, when completed, the price will head to where the diagonal started, the $18 area. I bought and filled 1,000 Solanas for $13.50 early this morning. If this pattern completes and goes up to $18, I will set my stop price at my own entry price or maybe a little lower. On the other hand, ‘if we fall correctively from this level and impulsively pull out the $18 level, then shall we meet here 2 years later to discuss the SOL at the $300 level?
Solana price action analysis / Source: Maikisch / TradingView
