Dogecoin surged well over 12% over a couple of days and touched a high of $0.09 on Thursday after the overall crypto market claimed its 1 Trillion dollar market cap once again. Investors are now curious as to what lies on hold for Dogecoin, and we too have a few predictions of our own.
Dogecoin Pumps from Market Rally & Musk’s Tweets
The crypto market went on a rally on Thursday, and Dogecoin’s recent price increase has been partially attributed to the same, in addition to a tweet from Elon Musk that displayed a dog in a suit managing a CEO position, maintaining the quirkiness of Musk’s general posts. Although this post wasn’t directly related to DOGE, investors found a reason to believe otherwise, thus, pumping Dogecoin’s price.
DOGE rose to the $0.09 level a few moments after the tweet, although it quickly fell down soon after. Some market players have a reason to believe that this was an intentional move from musk to cash out some of his profit.
This comes from Musk’s long history of manipulating, intentionally or unintentionally, cryptocurrency prices, especially Dogecoin and Shiba Inu, by making subliminally suggestive remarks about the cryptocurrencies. For instance, the Twitter CEO recently attended the Superbowl wearing a Dogecoin T-shirt and has historically dressed his dog up in Twitter merchandise.
While this little trick may have pumped the price, DOGE supporters are really hoping for the CEO to integrate the token on his Twitter platform, which would serve the utility of the token, consequently affecting the token’s price over the long term.
Social media networks are constantly applying for regulatory licenses that allow them to introduce cryptocurrency payments to their applications. Musk, too, has hinted at the possibility of integrating DOGE payments to pay for Twitter subscriptions after he allowed the same for Tesla merchandise last year.
If and when Twitter does introduce the token on the platform, it will be a big win for Dogecoin as this would address the problem of lack of utility with the token to some extent. In effect, leading to an upsurge in the token’s price.
Technical Indicators Stay Conservatively Positive
DOGE has been showing an optimistic outlook on the technical front as indicators suggest an uprise from the current price. The Relative Strength Index (RSI) for the token has increased to 60 in the last few days, from 40 a few days back, suggesting that the token isn’t overbought and investors can still make gains by trading Dogecoin.
The 30-day Moving Average to hasn’t reached its top yet, although it has been climbing well over the 200-day levels. Investors are expecting the token to pass the $0.09 resistance, which would clear up any hurdles for DOGE to undergo an upsurge.
Dogecoin experienced a major price drop of 55% over a week beginning in November, reaching a low of $0.0705. Although there was a 34% rebound as buyers tried to recoup their losses, the exhausted buying pressure led to a stagnant trading range for almost 100 days, with DOGE remaining within it despite briefly breaking out in late November and early December.
Currently trading at $0.0866, with a rebound from the immediate support level of $0.0813, it is unlikely that Dogecoin will exceed the buying level of $0.0946 due to the slowdown of crypto markets after Bitcoin was rejected at the 200-week Simple Moving Average and the $25,000 psychological level.
During the second week of February, Dogecoin faced bearish pressure as it consolidated in the mid-$0.08 range, and technical analysis predicted the possibility of another downswing in the near future.
At present, the price of Dogecoin is being resisted near the $0.09 level by bullish investors, with current trading at $0.087. If the bulls fail to retake the $0.084 level, there could be another downswing, which could target the untested $0.068 liquidity zone.
The Relative Strength Index is currently hovering over the last level of support, suggesting a make-or-break situation for DOGE, as it has faced resistance near a crucial barrier in January. Although the RSI indicates the potential for a bounce as long as DOGE remains above the 40 levels, it is important for traders to have a sound risk management strategy when joining the bears. Investors need to be cautious as the current state of Dogecoin may lead to further market instability.
Dogecoin Price Predictions
Dogecoin Price Predictions for 2023
Despite the increasing expectations of a bullish trend in the year 2023, many experts anticipate a bland performance from the leading meme cryptocurrency as investors seek out digital assets with practical applications.
The most optimistic Dogecoin price projections envision it reaching a maximum of $0.25 by the close of 2023, which is more than three times its current value of $0.086. Nevertheless, the average estimate for Dogecoin’s price stands at $0.185, which is far less impressive compared to the price predictions for most other blockchain-based meme projects.
Dogecoin Price Predictions for 2025
The long-term outlook for Dogecoin appears to be positive, with the potential for strong price targets. This could lead to a sustained upward trajectory, ultimately reaching the targeted $1 level. However, it is possible that the coin may experience a slight dip just before reaching this milestone, following a new ATH.
The second half of 2025 could hold the potential for a bullish activity that could drive the price up. However, the coin may ultimately become stuck within a tight trading range, hovering between resistance and support levels. After a period of consolidation, it is possible that the coin may break free and exceed the $1 mark, continuing to grow in value through the end of the year.
Fight Out (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses