- Bitpay ranks Dogecoin as the fourth most popular crypto asset used for making crypto transactions
- Doge anticipates reaching the $1 mark by the end of 2023.
- Indicators are in favor of DOGE’s further bullishness.
The largest meme coin in the cryptocurrency ecosystem, Dogecoin, is expected to give owners double-digit gains in the near term. According to BitPay, one of the biggest cryptocurrency payment processors, DOGE is the fourth-most-used cryptocurrency in transactions.
DOGE is presently the fourth most used cryptocurrency for transactions in BitPay, according to data from cryptocurrency payment processor BitPay. Following Bitcoin, Ethereum, and BCH is Dogecoin. Dogecoin’s use and adoption have increased; 6.8% of all BitPay transactions now use DOGE.
Related: Solana Price Forecast: Can It Reach $5000 USD in the Next 8 Years?
- Dogecoin Analysis
DOGE/USDT 1-Day Trading Chart (Source: Coinmarketcap)]
A bullish trend has dominated the charts for the previous 24 hours, according to Dogecoin analysis. The coin is currently worth $0.07568, up 3.80% just in the last day, a considerable increase in price. The general optimism of the cryptocurrency market, which has grown as a result of gains in previous trading sessions, is supporting this optimistic trend.
Related: Ethereum Wrap-Up: What Should Investors Expect From Ethereum?
The popularity of Bitpay and other exchanges is acting as a key influential factor for Dogecoin to skyrocket in the near future. Since December 31, 2022, to date, DOGE’s price has been recording higher highs and higher lows before forming an ascending price channel. Bullish and bearish attempts to break out of the channel and reach higher highs past the resistance levels have both been made.
DOGE/USDT 1-Day Trading Chart (Source: Tradingview)
The upper Bollinger band is currently set at 0.07858, while the lower Bollinger band is set at 0.0677, according to the 24-hour technical indicators, suggesting that the positive trend is expected to continue in the near term. With a score of 49.98, the Relative Strength Index (RSI) graph indicates a bullish trend, meaning that buying activity is on the rise. On the chart, the Moving average is currently at 0.07232.
Related: Cardano Technical Analysis: ADA Value at $0.2738
The $0.0790 level is the price target for DOGE at this time. The bullish argument for the Shiba Inu killer may be invalidated if the price declines below $0.0712. The coin is clearly on an uptrend, with no indicators of a bear market, according to the daily DOGE price study.
The digital asset has experienced a significant uptrend in recent days, rising from $0.07241 to its present price level. There is a strong positive trend in the Dogecoin market as seen by the price’s trading above its 50-day moving average.
Will DOGE Price Reach $1 Mark In 2023? Dogecoin Price Prediction 2023 – 2025
A popular meme coin When it comes to meme coins, dogecoin is the pioneer. The digital token, which was introduced in December 2013, has become extremely well-known in the cryptocurrency and foreign exchange markets. with support from famous people, wealthy businessmen, and social media-savvy users.
Price Prediction for Dogecoin in 2023
In the previous year, cryptocurrency suffered a large loss and is still losing money quickly. As the market corrects, investing now is viewed as a potential opportunity. Many investors and influencers are telling us that now is the ideal moment to buy doge at the same time.
Price increases for Shiba Inu and Dogecoin are anticipated for 2023. Since traders would select the meme space to counter potential inflation worries.
Therefore, the meme coin would reach $1 by the end of 2023 if its current trendiness continues. However, if a potential bearish disaster might cause the price to fall to $0.15 immediately. The $0.15 should be the average price of dogecoin may eventually settle.
Related: Will BTC Price Become Bullish in 2023 Before Bitcoin Halving in 2024?
Estimated DOGE Price for 2024
If the development team rolls out new features and actual use cases. The Dogecoin might hold its own against market titans. In such a scenario, Doge price forecasts might increase to their highest value of $2.5.
On the other hand, the declining volume and waning position of meme coins may cause the price to drop to $1.7. The Dogecoin price may reach $2 if buying and selling pressures are balanced, though.
2025 Price Prediction for Dogecoin
With influencer marketing, the price of Dogecoin may rise to $ 4 due to rising trading volume. Secondly, whether it could continue to expand at a rapid rate and still survive. In a future market that is extremely competitive, the average will be $3.5.
On the other side, the market may be affected by characteristics of cryptocurrencies like zero staking rewards and limited functionality. The price might then decline to a potential low of approximately $3.
The Bottom Line
Dogecoin’s popularity is growing as is seen from Bitpay’s data. DOGE is expected to propel its price higher this year.
Investors are hopping and the fact that the market remains bullish in 2023. The bullish momentum could raise the price of Dogecoin to the $1 level that would impress everyone. Our calculated Dogecoin price predictions for 2023 show. We can anticipate a climb in the DOGE price to $1 by the end of the year if its trading volume continues to increase.
On the other hand, if outside factors like laws or unfavorable comments from influential people impact the market once more. A theoretical low price for the meme currency in 2023 is $0.15. Having said that, the Dogecoin price might reach $1 if buying and selling pressures are balanced.
Comments (No)