Dogecoin is one of the most popular cryptocurrencies on the market, being the first meme coin ever to be created. The Shiba Inu meme coin has been around since 2013 and has maintained its popularity through an active and enthusiastic community as well as its affiliation with certain influencers.
So let’s get into and see if it’s worth to buy dogecoin in 2023.
Dogecoin Price Prediction | Introduction
DOGE is currently the second largest Proof of Work coin after Bitcoin, sitting currently at number 8 in the crypto charts. Most of its use cases generally involve rewards systems, with DOGE being used to tip users and creators on Reddit, Twitter, and other such platforms for their content.
People can also get tipped with DOGE in the eponymous online communities where the currency is popular. From May 2021, DOGE started falling slowly, going from its all-time high ($0.6528) to $0.05394, on June 14, 2022.
Since then, Dogecoin has mostly followed the rest of the crypto market trends. Doge has received a boost in investor confidence after Elon Musk acquired Twitter, with the price being in the green after it received much attention in the news. Unfortunately, the FTX fall has made the coin lose all the gains it had made during that time.
Dogecoin Price Prediction: Technical Analysis
At the time of writing, Dogecoin was trading at $0.09404, with a circulating supply of 132,670,764,300 and a market capitalization of $12,356,977,435.
During the second week of December, Dogecoin has been signaling bearish trends as the coin suffered a loss of 11.59%. Based on this, it is foreseen that the following week, investors will use this dip to buy DOGE and drive the price upwards.
We will be looking at various daily and weekly chart indicators to try and predict the next movements of Dogecoin.
To better understand DOGE’s behavior on the market, let’s take a look at its evolution over the past 6 months.
|Month||Open Price||Closing Price||Month High|
|November||$ 0.126834||$ 0.106775||$ 0.158237|
|October||$ 0.061675||$ 0.126858||$ 0.150228|
|September||$ 0.061329||$ 0.061677||$ 0.068159|
|August||$ 0.068110||$ 0.061323||$ 0.088242|
|July||$ 0.066301||$ 0.068106||$ 0.076849|
|June||$ 0.085831||$ 0.066322||$ 0.089324|
Since October 28, 2022, the 200-day SMA has been flashing a BUY signal, with Dogecoin currently trading above the 200-day SMA.
DOGE’s trading movements are also above the 50-day SMA, another indicator that has been showing BUY signs since November 25, 2022.
Dogecoin’s 200-day SMA is predicted to increase in the following month to reach a price of $ 0.079063 by January 10, 2023, with its short-term 50-Day SMA estimated to reach $ 0.102271 around that same time.
The Relative Strength Index (RSI) has reached a value of 51.81, indicating that the DOGE market is maintaining a neutral position.
The coin’s resistance level is holding strong at $ 0.100907, followed by immediate levels at $ 0.099263 and $ 0.096319. In terms of support, DOGE is at the moment firmly placed at the $ 0.087143 support level, with second support levels at $ 0.090087 and third support levels at $ 0.091731.
Daily Simple Moving Average (SMA)
|SMA 3||$ 0.097488||SELL|
|SMA 5||$ 0.097761||SELL|
|SMA 10||$ 0.099842||SELL|
|SMA 21||$ 0.093938||SELL|
|SMA 50||$ 0.094149||SELL|
|SMA 100||$ 0.077551||BUY|
|SMA 200||$ 0.073478||BUY|
Daily Exponential Moving Average (EMA)
|EMA 3||$ 0.096789||SELL|
|EMA 5||$ 0.097290||SELL|
|EMA 10||$ 0.098228||SELL|
|EMA 21||$ 0.096479||SELL|
|EMA 50||$ 0.090888||BUY|
|EMA 100||$ 0.084403||BUY|
|EMA 200||$ 0.087815||BUY|
Weekly Simple Moving Average (SMA)
|SMA 21||$ 0.076740||BUY|
|SMA 50||$ 0.100061||SELL|
|SMA 100||$ 0.157352||SELL|
|SMA 200||$ 0.080104||BUY|
Weekly Exponential Moving Average (EMA)
|EMA 21||$ 0.085668||BUY|
|EMA 50||$ 0.102554||SELL|
|EMA 100||$ 0.111971||SELL|
|EMA 200||$ 0.092025||BUY|
|Stoch RSI (14)||2.28||BUY|
|Stochastic Fast (14)||36.99||NEUTRAL|
|Commodity Channel Index (20)||66.67||NEUTRAL|
|Average Directional Index (14)||49.58||SELL|
|Awesome Oscillator (5, 34)||0.01||NEUTRAL|
|MACD (12, 26)||0.00||NEUTRAL|
|Williams Percent Range (14)||-63.01||NEUTRAL|
|Ultimate Oscillator (7, 14, 28)||43.36||NEUTRAL|
|Hull Moving Average (9)||0.10||BUY|
|Ichimoku Cloud B/L (9, 26, 52, 26)||0.09||NEUTRAL|
Based on these technical indicators – 11 showing bullish signals, and 19 bearish signals, Dogecoin’s current sentiment is bearish, while the Fear & Greed Index is set at 27 (Fear).
Dogecoin Price Prediction: Market Opinions
Dogecoin Price Forecast for December – January
The Economy Forecast Agency’s Dogecoin price prediction for December expects a minimum price of $0.071, a maximum of $0.106, and a closing price of 0.076 dollars per coin. The platform also estimates that DOGE would start the year with a minimum price of $0.06, a maximum of $0.118 and will have a closing price of 0.064 dollars.
PricePrediction expects DOGE to close go through December with an average price of $ 0.1, a minimum value of $0.092, and a maximum price of $0.1.
Dogecoin Price Forecast for 2023
Based on market sentiment and future price action, AmbCrypto predicted a maximum DOGE price of $0.25 for 2023. The average price they have calculated is $0.19, and they are predicting a minimum price of $0.12.
The analysts at TradersUnion foresee a very stagnating year for DOGE, predicting that the coin will fluctuate between $0.1234942 and $0.1816092 by the end of 2023.
Cryptocurrency Experts and Influencers
Susannah Streeter, an investment and market analyst from Hargreaves Lansdown, believes that Dogecoin is not a good investment asset, and would be better used for gambling:
“With the rules of the future games of mining, staking, and trading still pretty murky, and the value of crypto assets hugely sensitive to volatile conditions in financial markets, it’s clear investing in the crypto Wild West is still a very risky business. Investors should only dabble at the fringes of their investments with money they have to be prepared to lose”, she stated.
Latest News about Dogecoin
The Dogecoin community is known for using its funds to support various charitable and sometimes rather humorous causes. Their past endeavors include sponsoring the Jamaican bobsled team for the Olympics, plastering the Doge mascot on a NASCAR, and buying the third most expensive photograph in the world, which brings us to their most recent stunt: building the Most Wow dog statue ever.
In November 2022, a crowdfunding campaign was started to create a bronze statue of the Shiba Inu dog from the meme for its 17th birthday. In just 12 hours, the Doge community already raised $32,000, reaching their initial target of $42,069 in merely 3 days.
Dogecoin Price Prediction: Verdict
Considering the current drop, market sentiment, and anticipated bull rise at the start of the year, some experts are suggesting that this would be a good time to buy Dogecoin.
Still, many traders and experts are criticizing its lack of use outside creative platforms and deeming it a coin mainly for entertainment, not for actual investing. Still, there are many voices in the community that back up the coin and its legitimacy.