The Dogecoin price has fallen to $0.071674 today, dropping by 2% in the past 24 hours, as news of Silvergate’s voluntary liquidation chips away at the cryptocurrency market’s overall value.
DOGE’s current price means that it has declined by 12% in a week and by 20% in the last 30 days, with the meme token up by only 2% since the beginning of 2023.
However, with its 24-hour trading volume returning to $400 million, DOGE continues to generate the kind of busy market activity that can easily translate into gains when the conditions are right.
And with new exchanges listing the token this month, as well as the ongoing expectation that (sooner or later) Twitter will integrate DOGE payments in some way, the coin could easily mount a nice recovery in the next few weeks and beyond.
Dogecoin Price Prediction as $400 Million Trading Volume Comes In – Can DOGE Reach $1 in 2023?
While DOGE has suffered in the past week or so, its indicators are now very close to hitting a bottom.
Its relative strength index (purple) dipped below 30 earlier this morning, while its 30-day moving average (red) is about to sink below its 200-day average (blue).
Together, this suggests that DOGE is oversold and that it will soon need to correct upwards, with its price also below both its 30- and 200-day averages.
As for how far it might fall before stabilizing, it needs to be said that DOGE has broken through a number of support levels in the past few weeks, meaning its holders aren’t holding out very well right now.
However, the longer-term picture does look better for DOGE, with the coin having various things to look forwards to and anticipate.
Its biggest hope is that, eventually, Elon Musk will pull through on earlier intimations and introduce cryptocurrency payments on Twitter, including payments in DOGE.
Musk’s earlier hints have been given weight in recent months, with reports revealing that Twitter is pushing ahead with its digital payment plans and that the company has applied for money-transmitting licenses in various US states.
Admittedly, these reports did suggest that Twitter would begin with fiat payments and that cryptocurrency payments would potentially be introduced at a later date.
As such, there’s no guarantee that we’ll ever see DOGE payments on Twitter, yet given Musk’s ongoing cheerleading for the meme token, it certainly remains a credible possibility.
Indeed, Musk continues to reference and nod to Dogecoin whenever he has the opportunity, having appeared at the Super Bowl in a DOGE T-shirt and having recently tweeted a picture of his Shiba Inu dog, Floki.
This all suggests that DOGE remains on Musk’s agenda, with supporters of the coin sticking strongly to their belief that payments in the coin are only a matter of time.
Aside from Twitter, DOGE continues to enjoy other good news, with Phillippines-based exchange Coins.ph listing the coin at the beginning of March.
This listing indicates that big market players expect DOGE to continue being one of the most talked-about and sought-after coins in the market, particularly if it does receive big adoption news from Twitter.
And in the event that Twitter does integrate DOGE payments, the altcoin could easily shoot from one level to the next.
Its first port of call would likely be back up to $0.14, which is where it rose in very early November, following the completion of Musk’s takeover of Twitter.
And assuming a more bullish cryptocurrency market overall, the coin could eventually mount a return to $0.731578, which is the all-time high it set back in May 2021.
Once this record has been broken, many DOGE supporters expect it to reach $1.
Analysts, on the other hand, are much more sober, with average predictions suggesting an end-of-year price of $0.10.
This would make for a 39% rise from its current level, and with whales appearing to take DOGE out of exchanges at the moment, the coin could begin this ascent anytime soon.
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