- Dogecoin price prediction suggests that DOGE crypto has been trying to recover out of the long term consolidation phase over the daily time frame chart.
- DOGE cryptocurrency has finally recovered above 20, 50, 100 and 200-days Daily Moving Average.
- Investors in Dogecoin the infamous memecoin needs to wait until the token break out of the primary resistance level at $0.093.
Dogecoin price prediction suggests that DOGE crypto has been bullish and is trying to recover itself from the long term consolidation phase. Meanwhile, analysts from different crypto organizations speculate DOGE crypto to recover towards $1 by the end of 2023. Dogecoin price has witnessed some interesting patterns after slipping inside the long term consolidation phase over the daily time frame chart. However, trading volume has been below average showcasing the lower accumulation rate of buyers.
Dogecoin price was at $0.09001 and has gained 2.54% of its market capitalization during the day’s trading session. However, trading volume has decreased by 48% during the intraday trading session. This demonstrates that sellers are trying to pull the DOGE token towards the lower price range of the long term consolidation phase. Volume to market cap ratio is at 0.03051.
Dogecoin price prediction showcases the long term consolidation phase of DOGE token over the daily time frame chart. Meanwhile, DOGE cryptocurrency might recover itself towards $1 by the end of 2023 as stated by some analysts. However, to achieve the required recovery DOGE crypto needs to accumulate the forces of buyers and must rally out of the long term consolidation phase. However, volume change can be seen below average and sellers might approach the market to pull DOGE crypto.
Dogecoin Crypto to Rally in 2023 (Dogecoin Price Prediction) –
Three things could cause the price of Dogecoin to increase in 2023. Only time will determine whether all three of these elements will come together to make DOGE cryptocurrency resemble the 2021 rise.
1. A Crypto Market Rebound in 2023
The crypto market must first and foremost recover in 2023. A lot of bubbly, speculative sentiment that attracts new retail investors looking to become wealthy quickly is the ideal environment for a meme coin rally. And that suggests a bullish market surge that drives up all coins simultaneously, attracts plenty of media coverage, and entices individual investors to return to the market.
Undoubtedly, the recent history of Dogecoin shows a number of impressive market rises that imply this is feasible. The price of cryptocurrency increased over 1,500% in March 2017. Another increase in January 2018 enabled Dogecoin to surpass the $0.01 threshold.
And in early 2021, there was an almost 10,000% increase, which was aided in part by a significant increase in Bitcoin (BTC 2.46%) that was occurring at the same time.
2. Elon Musk Might Help
The second and undeniable factor is Elon Musk who holds the price action of Doge cryptocurrency with his single tweet. Elon has also become the highest-profile backers of Dogecoin Cryptocurrency. Prior to a guest appearance on NBC’s Saturday Night Live in May 2021, Musk dubbed himself “The Dogefather” and frequently touted the features and advantages of Dogecoin. In the end, that show served as the epicenter of the last Dogecoin frenzy.
Therefore, it should come as no surprise that Musk’s $44 billion purchase of Twitter in 2022 played a significant role in the price movement of Dogecoin. When the transaction was revealed in April, the cryptocurrency briefly increased when Musk predicted that Dogecoin will eventually be integrated into Twitter.
When the deal was completed in October, cryptocurrency prices rose once more. However, it was never more than $0.15. In order for Dogecoin to reach $1, Musk will likely need to reveal a strategy for full cryptocurrency integration with Twitter, where the token would then become the preferred method of payment for all Twitter users.
The story of Musk also has another minor complication involving SpaceX. Musk first mentioned the possibility of paying for an eventual space mission solely with Dogecoin back in May 2021. Musk remarked in a single tweet: “Doge used to pay for the mission. first crypto in orbit. first meme in orbit.”
According to recent speculations, this Dogecoin-funded space expedition may finally take place in 2023. As you might imagine, if this occurs, the internet might just go down and Dogecoin could wind up in outer space.
3. Technical Upgrade for Dogecoin
The last piece of the puzzle is the possibility of a significant technological advancement for Dogecoin. Its only value at the moment is as a means of payment. Although an increasing number of businesses now accept it as payment, its usefulness in other contexts is severely constrained.
Therefore, in order for Dogecoin to soar over the $1 threshold, it must increase the number of applications for its blockchain and fully utilize the blockchain and cryptocurrency industries, including decentralized finance, non-fungible tokens (NFTs), and Web3.
Making the transition to a current proof-of-stake blockchain is one approach to achieve this. The cryptocurrency must essentially accomplish what Ethereum (ETH 2.47%) achieved in 2022 with The Merge. Otherwise, Dogecoin will be constrained by technology that is ten years old. This may be the only way for it to advance. Within the Dogecoin community, this issue is very divisive. In fact, during the winter vacations, a fight broke out online over this.
Dogecoin Price Prediction Technicals
Dogecoin price prediction suggests that the token has been caged inside the long term consolidation phase over the daily time frame chart over the daily time frame chart. Meanwhile, DOGE crypto needs to keep up the pace to recover itself out of the consolidation phase.
Technical indicators suggest the uptrend momentum of DOGE crypto. Relative Strength Index showcases the uptrend momentum of Dogecoin price. RSI is at 63 and is moving towards the overbought territory.
MACD exhibits the bullish momentum of Dogecoin price. The MACD line is above the signal line after a positive crossover.
Summary
Dogecoin price prediction suggests that DOGE crypto has been bullish and is trying to recover itself from the long term consolidation phase. Meanwhile, analysts from different crypto organizations speculate DOGE crypto to recover towards $1 by the end of 2023. Three things could cause the price of Dogecoin to increase in 2023. Only time will determine whether all three of these elements will come together to make DOGE cryptocurrency resemble the 2021 rise. Technical indicators suggest the uptrend momentum of DOGE crypto.
Technical Levels
Support Levels: $0.080 and $0.075
Resistance Levels: $0.093 and $0.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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