Dogecoin (DOGE) has been overshadowed by new meme tokens that have emerged over the past few weeks. Finance professionals set these levels for 2023, taking into account both fundamental analysis factors and network developments.
Nick Ranga remains bullish on Dogecoin for 2023
DOGE price is currently trading at a 90% discount from the May 2021 peak of $0.7376. It has been continuing its downward price movements for about two years, accompanied by BTC and ETH. The downtrend has remained stable except for a few developments where Elon Musk changed the Twitter logo to Dogecoin.
Nick Ranga, senior crypto analyst at AskTraders, said, “While Dogecoin started life as a meme whose price was driven entirely by hype, it is starting to expand beyond that. “With the recently launched Doge-ETH bridge and Layer 2 Dogechain that allows the development of dApps, DeFi, GameFi and NFTs, Dogecoin is starting to prove its usefulness.”
Ranga then took DOGE within the framework of technical analysis for price prediction. “Risk appetite will remain under pressure, while interest rates will remain high. Dogecoin traded sideways throughout 2023 and remained in a consolidation pattern. There is support in the $0.065 – $0.070 zone. Beyond that, price levels to watch are in the 50 and 100-day SMA zone at $0.08. Another is the psychologically important $0.1 price level,” he says.
Frank Corva among analysts expecting a drop
Frank Corva, a senior analyst at Finder, says DOGE is unlikely to perform well this year. The crypto analyst predicts that the leading meme coin will close 2023 below the ATH level.
Corva especially draws attention to the 90% loss of Dogecoin from the ATH level.
Corva then referenced a recent consumer confidence study. According to this, almost half of the survey participants adopt a more hesitant investment approach compared to six months ago.
“In the same report, only 28% of respondents said they trust crypto as a positive investment. On the other hand, only 25% of crypto investors have confirmed that they own DOGE,” he adds.
“Dogecoin still has the backing of Elon Musk”
Only time will determine what DOGE will do in 2023, says Dan Barrett, co-founder of Pacific Precious Metals. Barrett noted that the crypto market is notorious for its volatility, and Dogecoin is no exception. Dogecoin price can be significantly affected by various factors such as market sentiment, adoption rates, and regulatory changes.
“However, as we have seen in the past, DOGE has the potential to experience spikes in value due to social media hype and support from high-profile figures like Elon Musk,” adds Barrett. cryptocoin.com As we have mentioned, such a development last occurred in April.
Elsewhere, quantitative researcher June Jia noted that Dogecoin has shown a consistent horizontal trading pattern fluctuating between the $0.070 and $0.10 price points in the first months of 2023.
According to his analysts, “Despite repeated efforts, DOGE price failed to surpass the critical resistance level of $0.10. This presents a tough technical resistance that it has yet to overcome. Also, the significantly reduced trading volume of $184 million, a dramatic deviation from the $3 billion observed in the resistance review in April, indicates waning market momentum.”
Given the factors mentioned above and their potential impact on Dogecoin, the forecast for the meme coin’s performance for the rest of 2023 remains cautious and uncertain.
Jia said, “Dogecoin’s price action seemed to be firmly established within the current price action. DOGE is expected to remain flat for the remainder of the year, excluding significant shifts in market sentiment or unforeseen market catalysts. As a result, I predict that by the end of 2023, the price of Dogecoin will retreat to its current levels and remain in the $0.070-0.10 band.”
How about the DOGE price?
Dogecoin is currently continuing its sideways movements as indicated by Jia. Compared to the last 24 hours, it remained stable below 1%. Its current price is in the $0.07339 region. The bearish volatility is not exclusive to Dogecoin. Reports suggest that Bitcoin is also suffering from the same problem.
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